As we age, our priorities change. What we once felt was important starts to shift. This holds true when you first move out of your parents house, have your first child, buy your first home, send your kids to college, and during other important milestones. These moments of change typically lead to some transformation of our lifestyle. So what are those life moments that trigger us to consider downsizing (or rightsizing) your home? Here are five situations that may indicate that it’s time to consider downsizing.
Five Reasons You Know It is Time to Downsize (Rightsize)
Planning for Retirement
If you are planning to (or have recently retired) this is an opportunity for change. Retirement means you will have more time for yourself, your spouse, and your and family. In some cases, downsizing can provide more financial freedom due to a reduction in the cost of utilities, taxes, or other housing expenses. On the contrary, you could experience some financial strain because of a reduced monthly income or increased cost of living if you move to a more expensive community, etc. Downsizing to a smaller space closer to family, friends, or other loved ones could be the right next step.
The Kids Have Moved Out
If you don’t want to keep up with a big, empty house then you may consider downsizing to a smaller property. The smaller place will give you back more time by reducing the money and energy needed for regular house upkeep.
Life and Physical Requirements Change
If you have had or anticipate physical changes for you or your spouse, than downsizing may be necessary. This can be a result of surgery, natural progression of age, or a health condition that limits your mobility. Moving to a smaller unit could mean eliminating stairs, as well as having cabinets, appliances, and furniture that are ADA compliant. If mobility is a struggle where you currently live, making a change like this may bring you surprising relief. Moving into a pre-designed home may have some cost savings as well, depending on what changes you will need.
The Money is Right or Feeling the Financial Pressure
Whatever your financial situation is – your finances will change if you sell your home and downsize to a smaller property. If you reduce your housing costs you could save and put more money towards retirement, eliminating debt, or going on other life adventures (such as a much deserved vacation). You can work with an experienced realtor and financial planner to determine the cost savings or increases from selling your home and downsizing.
You Want a Simpler Life
In some instances you may just want extra money and free time to travel or be involved with your community. Downsizing your home may provide cost savings and give you greater flexibility.
Sometimes you don’t need an exact reason but just a desire for change. There are many options regarding where or what to downsize to: a condo, apartment, smaller house, or retirement community. In any case, you should consider all of your options to find what works best for.