There are several stages of life that have become common place, from buying your first car and home to upgrading to a family home. When we reach the older stages in life, often times the home becomes too big to manage. For home owners, the property was purchased to be a dwelling place for family. Once the kiddos leave the nest, the home begins to feel empty. It is at this time that home owners begin to consider downsizing.
The term downsizing refers to selling the present home and purchasing a smaller, more affordable home. In most cases, the home owners can sell their current home for a profit and have a sizeable amount to put down on a smaller home or even make the purchase outright. There are factors you can consider to determine if you are ready to downsize. Check them out below.
Who Lives in the Home Currently?
Consider who lives in the home currently. If it is just you and your spouse, then you could probably benefit from downsizing. Even if you have children who come home for the holidays, you can purchase a smaller home with guest space to accommodate the family and friends who visit. If you are alone, then you could most certainly benefit from selling a larger home and moving in to a smaller dwelling.
Have you found that the upkeep of the property has become too hard to bare? Do you have trouble mowing a large lawn or cleaning the many bedrooms of your large home? If so, then you could benefit from downsizing. As we get older, it can become too difficult to keep up with housework as well as landscape maintenance. Purchasing a smaller home on less acreage can change how much upkeep is needed.
Does Your Home Still Work for You?
Consider if your home still works for your needs. In the past, you may have needed a four bedroom home to accommodate your large family. If your bedroom is located upstairs, you may find it difficult to maneuver the stairs each and every day. Your health would benefit from moving into a home that has one level instead of one or multiple levels. Consider your health and how it is affected by the home when looking at downsizing.
If you find that you are in need of a new home and want something smaller, get to work. Take a look at local listings and meet with a realtor to discuss what you are looking for. Let the realtor know of the features you wish to have including square footage, property size, etc. Look for options that will benefit you long term such as a smaller space for cleaning and one level so you can avoid walking up and down stairs as you age.
Once your home is sold and you move in to a new smaller dwelling, you will find that you are enjoying life much more in a smaller space. Downsizing can not only provide you with a better lifestyle, but also money in the back if you spend wisely! Consider downgrading to a smaller home with an affordable cost to have little or no monthly mortgage payment.