Perhaps your kids have flown the coop and you don’t need quite such a large home. Maybe you’re at retirement age and would prefer moving into a retirement community where all the landscaping and other chores are taken care of. Or maybe you bit off more than you could chew last time and need to reign in your budget with a smaller property.
Whatever the case, if you’re looking to sell soon, there’s never been a better time.
If you’re unsure you’re ready to downsize, here are some signs that this may be a good idea.
1. Maintenance is Getting Overwhelming
If the physical activity and cost it is taking to adequately maintain your property has become overwhelming, you may want to find something with fewer maintenance requirements. It’s true that most homes come with some level of maintenance lying outside your financial or physical comfort zone, but if you have been struggling to perform necessary chores that keep you organized, clean and safe, downsizing may be the solution.
2. Empty, Unused Space
If you have multiple guest rooms that are just collecting dust, or a three-car garage housing just one car, an old bike and a few tools, it may make more sense to downsize so you’re not spending a lot of time and money keeping unused areas heated and clean.
3. Unsustainable Monthly Expenses
If your tax burden has risen dramatically as valuations have increased, this could be tough to gel with your fixed income. In general, smaller homes come with smaller monthly expenses, with lower mortgages, lower maintenance costs and lower utility expenses. You may experience a financial boost when you downsize, causing your month-to-month cost of living to drop dramatically.
4. You’re Not Home Much
There’s no point of having a beautiful, big house if you’re never home to enjoy it. If you’re away a lot for business or pleasure, you’re throwing money out the window in mortgage, utility and other costs. When you start feeling like you’re no longer making the best use of your home, think about whether it makes sense to downsize or relocate somewhere more convenient.
5. Fears about Aging in Place
When you first moved in as a newly married couple or perhaps a very young family, you probably didn’t think much about what life would be like 40 years from that point. But now that you’re getting older, you are faced with some tough choices about how your body will meet the challenges of health and home.
This goes far beyond maintenance and upkeep, and encompasses practical concerns about safety and getting around. Do your bathrooms and showers have grab bars? Do you have many flights of stairs that you have to climb several times a day? Are doorways and hallways large enough to accommodate a walker or wheelchair?
If your home isn’t built for safely aging in place, rather than make expensive modifications and additions to your existing home, you may opt just to downsize into a home that already has those modifications in place.
Any way you slice it, it’s never easy to decide to downsize. Our agents can help you make that decision.
Contact Berkshire Hathaway Premier Properties
For more guidance on selling your current home and downsizing into a smaller place, contact a seller’s agent here at Berkshire Hathaway Premier Properties today at 832-626-4889.