Is it Time to Downsize?

When most people think of downsizing (moving to a smaller home), they think about people later in life retiring, becoming empty nesters, or becoming widows. This is no surprise because, according to the National Association of Realtors (NAR), “…buyers 57 and older were more likely to downsize in both size and price.”

However, there are many reasons to downsize – both age and non-age related - so how do you know if it’s the right time for you to downsize?



7 Signs It May Be Time to Downsize

Lives change constantly. We graduate, get married, get divorced, get a new job, retire, and the list goes on. Some of these life changes may change your circumstances so that a smaller home makes sense. For example, all the children have moved out, and you no longer need the space, or you lose your high-paying job and can’t afford the mortgage and utility bills on a larger home. Here are seven signs that it may be time to downsize.

1. Unused Space - Do you have a guestroom that never gets used, a dining room that has become a dumping ground for junk, or a two-car garage with only one car in it? If you have more space than you need, it may be time to downsize.
   
   
2. Maintenance Overload - Do you feel overwhelmed by all the maintenance your home requires? Does your home need constant attention outside your ability to care for or demand more money than you want to spend? Perhaps you’re just tired of mowing a large lawn or cleaning a big house. This may be a sign that it’s time to downsize.
   
   
3. Desire to Lower Monthly Expenses - Larger homes tend to cost more than smaller homes. They usually cost more to purchase, creating higher mortgage payments. Utility bills, such as heating, electricity, etc., also tend to be higher. And, often, maintenance costs are higher in a larger house. Maybe it’s getting hard to pay those bills each month, or perhaps you’d prefer to use that money to travel. Whatever the reason, if you’re looking for ways to lower your monthly expenses, it might be time to downsize.
   
   
4. Frequently Away from Home - Are you frequently away from home? Maybe you travel a lot for business or pleasure, work long hours, or perhaps you’re just a really active person who spends most of your time away from home. Why should you pay a high mortgage and utility costs for something you rarely enjoy? Downsizing may be a wise choice.
   
   
5. Concerns About Aging in Place - Sometimes as we age, our needs change. The stairs might become hard to climb. Keeping a big house clean might become a challenge. High utility bills may become harder to pay on a fixed income. If you are concerned about aging in place, moving from a large multi-story home to a smaller, one-level home, an over 55 community, or a senior living facility may make sense.
   
   
6. Emotional Discomfort - Your home should be a place of refuge. Unfortunately, sometimes a house no longer feels like a home. Perhaps you’ve become an empty nester, widow, or divorced. If your big home causes you more emotional discomfort than joy, it may be time to move and possibly downsize.
   
   
7. Desire to Simplify Your Life - Maybe you’re just tired of all the complications in your life – tripping over all the stuff around your house, working long hours so you can pay the bills, stressing over paying your bills each month, keeping your home clean, trying to keep up with the Joneses, etc. Downsizing may be the solution to simplifying your life.

Ready to Downsize?

If you’ve decided it’s time to downsize, Pete Heim can help you sell your existing home and find your new dream home. Contact Pete today at 610-745-3378 or 610-898-1441 or connect with him online.