Is It Time To Downsize?
Is your home getting harder to maintain? Would you rather be spending your time on something you enjoy or home maintenance? Are you wishing that you lived closer to family and friends? Here are some reasons that it may be time for you to consider downsizing:
This is one of the most common reasons people look into downsizing. People want their retirement savings to last a long time and one way to that is by decreasing their yearly expenses. A smaller and less expensive property can help do that by reducing property taxes, insurance, and mortgage payments.
Overwhelmed with Maintenance
Maintaining your home, whether you do the work yourself or pay someone else to do it, can be exhausting and expensive. If you’ve reached the stage where you feel overwhelmed or just think you could better use your time or money, it may be time to go smaller.
If you can’t remember the last time that you walked into your guest bedroom or other spare rooms except to dust, then you should consider downsizing. Unused rooms still end up costing money in property taxes, maintenance and utility costs.
When thinking about downsizing, it’s important to look ahead to the future. While you may be healthy and able now, what about in 15-20 years? The time may come where climbing stairs or using a non ADA compliant bathroom may become too much.
Finances are another reason some consider downsizing. You need your savings for retirement, not to maintain a large home that you may no longer need. You shouldn’t have to struggle each month to come up with the money to make your house payment or utility bills. Your better option is to find a house with a smaller payment and lower maintenance costs.
Be Closer To Family
Downsizing to a smaller home closer to your family may allow you to spend more time with your children and grandchildren. Even if you chose not to move to the same area as your family, owning a smaller home with less maintenance will make travel much easier.