Is it time to downsize? When you bought your home, you probably did so because it was spacious and catered to your growing family’s needs or your wants as an individual. But there comes a time when it makes sense to downsize your home – sometimes we just need a smaller footprint, right? On the blog this week, we share 5 signs that it’s time to downsize your home.
- Nothing left for savings
A bigger home comes with higher maintenance costs, higher utility bills, and higher landscaping costs. You may come to understand that your housing costs don’t give you many options to save for a rainy day. Trimming down your monthly expenses is important.
- Too much space
If you are retired and your children have moved away, you may have a ton of empty extra space. It doesn’t make sense to pay taxes, homeowners insurance and maintenance expenses on rooms that go unused.
- Time to enjoy luxury!
If the occasional costs and upgrades monopolize too much of your income and you can’t take vacations, dine out or just give your family a treat, then that may be a sign that it’s time to consider a smaller, less expensive home.
- Mortgage, property taxes and insurance are too high
Spending more of your income on the mortgage, property taxes and insurance creates room for disaster should unexpected expenses arise. Also, remember that housing costs can increase with changes in circumstance. You don’t want to find yourself in a situation where you have lost a job and all those costs are staring at you. Downsizing means being realistic.
- You can make a profit
If your home’s value has appreciated to a point where it makes sense to sell it rather than hang onto it, then selling it may be better for you. Buying a smaller house after selling your current home can give you more financial freedom.
Saying goodbye to a home where you’ve built memories can be difficult. But would’t it be a better idea to build new memories in a home without any time and financial constraints? All of our LRB agents will be happy to help you accomplish this goal! Don’t forget about our LRB50+ program which is targeted at helping the 50+ population and their families transition through this phase.