Most people buy homes to satisfy specific needs. Their families are growing, and they need more space. They’re trying to get closer to work or their kids’ schools. They’re in a good financial position and want to begin building equity. While these reasons are great to choose to purchase a home, what happens when those needs change?
For some people, it can be a hard decision to downsize when they realize that change is inevitable, and that a home may no longer fit their needs. But it may also be a great opportunity to downsize your home and find new opportunities that fit your life now and into the future.
If you’re wondering if it’s time to downsize, consider these five signs to help make sure it’s right for you.
You’re no longer tied to your location
If you purchased a home that was close to work or your kids’ schools, but your kids have since moved out, or if you’ve retired or can work remotely, the need to stay there may suddenly be gone.
Moving locations may open numerous opportunities for your new home search. Maybe you’re interested in moving across the country, or relocating to a different city. Perhaps you want to choose a rural home that’s more affordable and could allow you to enjoy time away from bustling city life. Maybe you’re thinking about spending your days traveling the country in an RV and keeping a small home base. Once you’re no longer tied to a home, you can choose just about anywhere to call home if it meets your needs.
You have rooms you’re just not using
You may have desired a big home at some point in your life, perhaps to grow a family, or to have a larger space for entertaining. But as life shifts, you may look around to see that all the space you once desired is no longer serving you, only collecting dust. If not, it may be time to move to a smaller home.
One of the most daunting tasks about downsizing can be decluttering and figuring out what to take with you. If you’re looking to downsize, make sure you spend the time simplifying your life so your next home can meet your future needs.
You’re ready for a lifestyle change
When retirement hits, you may recognize that you’re ready for a change of pace. The 2022 National Association of Realtors (NAR) Home Buyers and Sellers Generational Trends report shows the most common reason for buyers ages 57 and above was to be closer to friends and family, as well as the desire for a smaller home.
Think about the things you want to do most as you consider what you want your new lifestyle to look like. If you want to stay active and focus on your health, will downsizing give you the opportunity to find a new location close to those activities? Or, think about whether you’re more interested in living in a retirement community that has amenities you love and an atmosphere that will allow you to make new friends. Once you know what objectives you have in mind, it can help you decide what you want your future to look like.
Maintenance has gotten to be too much
Even when you’re at your healthiest, maintenance on a home can be a lot to deal with for any homeowner. From cleaning gutters every fall and spring to fixing leaks and repainting, you may just be ready to stop worrying about fixing the things that are wrong with your home.
There are many options for low- or no-maintenance living available to those looking to downsize. From active adult communities to condos and townhomes, you may be able to add a level of convenience you’ll enjoy well into retirement. Think about the things you don’t want to tackle beyond retirement, and that can help you decide the type of home you want to find next.
Your needs have changed
Sometimes, choosing to downsize comes simply from a change in your needs. If you are living in a two-story home and stairs are growing increasingly more difficult, it may be time to look for single-story living.
A smaller home can help reduce property taxes, insurance payments, your mortgage, and even your heat and power bills, too. Cost savings may be an added plus if you’re entering retirement. Make sure you weigh those changes to determine what makes the most sense for your current and future financial and health goals.
Things to consider before making a move
Make sure you’re ready to downsize by creating a list of pros and cons as you weigh the decision. If you know ahead of time how you want to proceed, it can make it easier down the road. Make sure you talk to a Realtor about the goals you have in mind, too. With the right agent on your side, you can downsize with confidence and find the perfect home for where you see your future headed.
The Jim Allen Group provides access to information on this blog/website as a public service for educational purposes only. Although reasonable efforts have been made to ensure that all of the information made available is current, accurate, and complete…[read more]