For years and years, we dream of the home we’d like to call our own. Your first home is usually cozy and warm, and then you start to have kids. This is typically the first time that homeowners believe that upsizing is necessary. Although the traditional notion for homeowners is that bigger is better, in some circumstances it might not be. As time goes on, there are more things you need to consider.
Read below to see the reasons you might think about downsizing your home.
Approaching retirement is one of the most common reasons why homeowners think of downsizing. With retirement savings not lasting as long as most retirees expect due to the increased cost of living, and retirees needing more income because they are living longer, downsizing starts to sound like a great option.
Many retirees are hoping to stretch their retirement savings into the wee years of old age, so they are deciding to downsize their homes to save valuable cash each month.
Too much anxiety
Whether this anxiety is brought on by the physical upkeep of the home or other factors, once your home leads to more stress than it’s worth, you may want to think about downsizing. Oftentimes, as they age, people are less able to care for their home the way they used to. Also, if one spouse passes on and the surviving spouse is left paying all the bills alone, it becomes hard to continue in a large home.
This may be the time to downsize — the price of a smaller condo or apartment is often easier for older people to manage, and the responsibility and cost of maintaining the home and most yard work surrounding the property is included in monthly fees. If your home is becoming a bit unmanageable, think about downsizing.
If you feel like your home is swallowing you whole and you have a lot more space than you can easily use, it may be time for you to downsize. If unused rooms need cleaning because they are collecting dust and junk, it may be time for you to consider looking for a more realistic and manageable place to live. Maybe you can get a place with a pool that you can use often, or with a nice built-in patio grill to entertain.
If your home has appreciated a lot and the money is for the taking in your neighborhood, consider downsizing and buying a nice luxury apartment with the money from the sale!