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Five Signs It May Be Time to Downsize Your Home

Five Signs It May Be Time to Downsize Your Home


Five Signs It May Be Time to Downsize Your Home

Most people dream of a large home with abundant, spacious rooms and a huge yard. However, depending on your stage in life, lots of square feet and lawn may offer more negatives than positives. Your home should be a place that makes you feel happy, secure, and comfortable. If these aren’t the feelings your house evokes, downsizing may be a smart idea. Here are five signs the time may be right.

Family Dynamics Have Changed
When the kids are young, it’s nice for them to each have their own bedroom, and a large den and kitchen are handy spaces for the entire family to hang out. Once they leave the nest, those empty rooms may make your home feel lonely. If you don’t use several rooms in your home, downsizing to a smaller place, possibly closer to family or friends, may be the answer.

Your Budget is Strained
Are you retired or planning to do so in the next few years? Maybe you want to semi-retire and need to tighten up your budget to make it possible. Getting out from under a large monthly mortgage payment and associated large-home expenses can make your income go much further. If your financial circumstances have changed and you’re struggling to pay bills, selling your home and moving somewhere less expensive might be the best answer to your predicament. Plus, the move could free up some money to enjoy doing the things you love.

Upkeep Has Become Overwhelming
Does your back hurt every time you try to clean? Is it taking you longer every year to mow the yard and handle the landscaping? If you’re struggling to keep your home up, it may be time to consider selling it and moving to a place with a smaller yard and fewer square feet. You might even want to look at maintenance-free living in a condo. A large home may be fantastic when you’re in good health, but the appeal can wane later in life. If you are aging and dealing with health problems, what once were easy chores might now be all but impossible. Trouble navigating stairs is also big sign that you might need a one-story place.

You Could Make A Significant Profit
If you’ve been in your house for several years, you’ve probably paid down the mortgage quite a bit. The property may also have increased tremendously in value. If you could sell and reap a chunk of cash, selling now may be worth it. This windfall could help you purchase a new home AND leave some left over for other things.

Your Lifestyle Focus Has Changed
Maybe you’ve waited your whole life to pursue your dreams, and a sprawling home doesn’t help those dreams come true. Do you want to travel? Are you interested in opening a small business or helping your kids attend college? Maybe you want to go yourself! If your focus has moved beyond a large home and other things now fulfill you more, it may be time to say goodbye to your current property.

Choosing to downsize your home is a big decision and one you shouldn’t make quickly. If you’re seeing one or more of these signs, however, now is a good time to reexamine your lifestyle and make the decision that is right for you.

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Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:

  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020