For most people, they reach a time in their lives when the home they lived in when they were younger simply does not work for them anymore. Maybe you had a lot of children and lived in a larger home, but you and your spouse have lived alone for years. Maybe you’re living alone in the home you once shared with your family. Maybe you have some medical complications that make living in your current home more difficult. Maybe you simply want to move. Regardless of your reasons for considering downsizing, here are some signs that it’s probably the right choice for you.
Your family got smaller
A big reason people choose to downsize their home is because their family has decreased in size. When your children are no longer living at home and now have homes and families of their own, it makes sense that you’d move somewhere smaller. You no longer need various extra bedrooms; even when they do visit, there’s too much space. If you’re not using most of the rooms in your home, it’s probably time to downsize.
You want to lower costs
This issue often arises when people retire. You might be living on a smaller income and realize that your home is a huge cost to take care of and is larger than you need. If you want to save money, move to a smaller home where utilities and taxes cost less and you have fewer homeowner responsibilities.
You have new health concerns
If you’re older, you may be experiencing some health issues. It’s common for older people to have a little trouble walking; maybe you use a cane or are in a wheelchair. If you have a two story home, it can become increasingly difficult to maneuver the space. Finding a home that’s friendlier to any physical limitations or concerns you have as you age can be a great decision.
You want to travel more
After retirement, many people choose to take advantage of the free time they have and travel more often. If you think you’ll be visiting family and traveling to new places, you’ll find you aren’t spending as much time at home. If it’s feasible, moving into a smaller home makes complete sense when you aren’t spending as much time there anyway.
Your home has value
If the area you live in has gone up in value, it could be time to downsize. Your property taxes could be costing you a lot because you live in a great school district or location even though you’re not affected by these considerations anymore. You could make a significant profit on selling your home and moving somewhere more affordable.
You want to move
You might be considering downsizing because you just want to move somewhere new. Maybe you want to move closer to family or live somewhere you’ve always thought about living. Regardless of your reason, if you’re set on moving somewhere else or it seems more appealing than living where you are now, go ahead and downsize.