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.