People move houses for several reasons. For example, it might be due to a career change; others might want to move closer to family.
The bottom line is, there’s always a possibility that your home will no longer meet your needs at some point down the line. In fact, 41% of survey respondents have said that they are interested in seeking a smaller dwelling after retirement.
After all, everyone’s definition of comfortable living is different.
Are you thinking of moving? Wondering whether or not you should downsize your home? If so, you’re on the right page. We’ll be going over some signs to watch out for below.
Keep reading to learn more!
8 Signs That You Should Downsize Your Home
People downsize due to a variety of situations. Here are a few signs that it might be time for you to move into a smaller house.
1. Too Much Maintenance
Maintaining a house can be a lot of work. And at some point, it can become too much for you to handle—either physically or financially.
By downsizing, you’ll not only save money on cleaning and repairs, but it’ll also cut down on the time that you have to spend on household jobs. In other words, you’ll have more time to do what you enjoy.
2. Too Much Space
Too much space is one of the most obvious signs that you need to downsize your house. After all, there’s no point paying for space that you won’t be using.
Don’t want to move? You can always downsize by converting the extra space into a separate dwelling and renting it out. For example, you can easily do that with a basement.
3. Too Many Expenses
Large homes can carry a steep cost. Not only do you have to worry about mortgage payments, but there are also other things that you have to pay for such as property tax, which tend to rise as valuations increase.
For people who find themselves with too many expenses, downsizing might be the best option. Instead of paying for a big house that you don’t need, you can put the savings toward retirement instead.
4. You’re Away From Home Often
Are you someone who travels often for business? If so, you might want to consider downsizing your home or at least relocating to someplace more convenient.
After all, what’s the point in paying for a big home when you’re never in it? If anything, a smaller condo or house will better suit your needs.
5. You’re Retiring Soon
Retirement is one of the most common reasons that people downsize their homes. Basically, it’ll boost your retirement fund. That way, you’ll have more money for day-to-day living.
Even if your mortgage is paid off, you can free up a substantial source of retirement capital.
6. The House Isn’t Senior Friendly
There are various day-to-day considerations for seniors who want to remain at home. For example, they may require hand bars in the bathrooms. Stairs might also pose a problem for those with mobility issues.
If that’s the case, they may need to downsize into a more suitable home. Click here for more information.
7.Major Life Change
Major life changes such as job loss, the death of a spouse, or divorce may require a change in environment. That is, it might be a sign that you need to simplify and downsize.
Whatever the reason, you want to make sure that your current home is best suited for your new situation.
8. You Have Wanderlust
Downsizing your home is a great way to free up your funds. In other words, you’ll have more money to travel and see the world.
For example, snowbirds often downsize to condos or townhouses; this gives them the funds that they need to travel the way that they’ve always wanted to.
Comfortable Living: Tips On How to Downsize Your Home
Start Decluttering Early: The earlier you declutter, the better. That way, you won’t have stress when it comes to packing.
For example, you can donate items or hold a yard sale.
Bust Out the Measuring Tape: Space in your new home will be limited. That’s why it’s so important to measure your furniture—you want to make sure that everything will fit in your new space. Not only that, but it’ll give you more of an idea of what you’ll be able to take with you.
Minimize Duplicate Items: Avoid keeping duplicate items. Look at what you have and only keep your favorites. For example, you won’t need five sets of drinking glasses. Donate or sell what you don’t need—you’ll be surprised at how much you’ll get rid of!
Digitalize Whatever You Can: Photos are keepsakes but unless you’re flipping through albums regularly, you probably won’t need to keep a physical copy of them; you can digitalize them instead. The same goes for any DVDs or CDs that you may have.
Take Photos Before Downsizing: Take some photos of your home before you downsize. That way, you’ll be able to look back at your old place after moving. Not only that, but it can help you choose what to take with you.
Downsizing Your Home
And there we have it—8 signs that it’s time to downsize your home. Remember, comfortable living means living in a place that fits your lifestyle.
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