Four Signs It’s Time Downsize
If there’s anything we’ve learned over the last few years, it’s that life changes. As we grow older or our circumstances change, our homes might not always align with our life as they used to. While it’s common to discuss buying a larger home to accommodate a growing family, pets, or simply to have extra room - we don’t talk about downsizing enough.
But downsizing isn’t just about your golden years. It’s about having a home that serves you in your current stage of life. Whether you’re retiring or from a younger generation and just looking for a more sustainable way to live, downsizing your home could be the right move.
So when is it time to downsize? If your home is more stressful than comforting, it may be time to consider downsizing. Here are four signs it may be time to downsize.
Your Budget is Shot
When budgeting, a good rule of thumb is to spend a maximum of 30% of your income on housing expenses. That 30% includes your mortgage payment, utilities, maintenance costs, homeowners insurance, and property taxes. If you spend more than 30%, you’re financially stressed.
Downsizing your home could really help your budget. Opting for a smaller home often means lowering your monthly expenses. This can balance out your budget and give you more financial freedom.
Maintenance is a Pain
Let’s be honest - maintaining a home takes work. Some improvements need to be made, a yard that needs general upkeep, and wear and tear that always needs your attention. And the bigger the home - the more maintenance you have to complete.
Downsizing your home means choosing a home that better fits your needs. If you don’t have time to maintain a large yard, you could pick a house with a smaller one. No time for improvements? Choose a move-in-ready home!
You Can Turn a Profit
Recently, we’ve been in a market frenzy. Homes sell in hours, not days, and often for over the asking price. As first-time home buyers flood the market to take advantage of low interest rates, it might be time to downsize and sell your home. But make sure to choose a REALTOR® that best fits your needs!
For example, when I’m working with sellers, I analyze their local market to determine the price and offer feedback for preparing their homes for sale. I will always have professional photos and marketing packages, and I always keep them updated every step of the way. Remember - selling your home is a big step, so you want someone who will work hard for you!
You’re Never Home
What’s the point in having a massive home if you’re never there? Traveling often is a sign it’s time to downsize. Think about it - why are you spending so much on your mortgage, maintenance, and other home expenses if you’re never there? Instead of spending all that money, consider investing in a smaller home or relocating to a place that’s a better fit.
