Have you heard people talk about downsizing their homes lately? It’s a common move for retirees, but they aren’t the only ones who can benefit from a real estate downsize. If life’s changes have you wondering if you should downsize, there are a few signs to watch for.
When Maintenance Becomes Too Much
Keeping a home in good condition requires you to keep up with regular home maintenance. In many cases, the bigger the house is, the more maintenance needs to be done, if for no other reason than that there is simply more space to maintain. If you find yourself falling behind on maintenance because you simply can’t keep up with it, it may be time to downsize. Smaller homes still need to be maintained, but there’s less to keep up with.
When Costs Are Prohibitive
The current state of the housing market and economic trends have left many homeowners in a really rough spot financially. Mortgage payments may become unaffordable, especially for those with an adjustable-rate mortgage. Financial circumstances may change, making even fixed-rate mortgages unaffordable. Downsizing is one way to deal with that. Smaller houses tend to be more affordable in every way: mortgage payments, utilities, and maintenance.
When You Don’t Need the Space
You need different amounts of space at different times in your life. Many don’t need much space when they become first-time homeowners. Later on, a growing family or other circumstances may mean that having a larger home that offers more space makes more sense. Eventually, however, there comes a time when that same amount of space becomes excessive. A home that is too big can be just as uncomfortable as a home that is too small, albeit in a different way. At that point, downsizing to a smaller home may be best. If you don’t need the space, there may be little reason to continue paying a premium for it when a smaller home will do just as well (if not better).
Once you’ve decided to downsize, you’ll need to downsize more than just your house. You’ll probably have to downsize your belongings too. That can be overwhelming if you try to do it all at once. Go room by room instead, considering the space you’ll have in your new home. That will help you have the most successful experience when you downsize your home.
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