For many people, downsizing their homes can be a difficult decision to make. After all, a home often represents more than just a physical space; it can hold a lifetime of memories, milestones, and sentimental value. However, there are times when downsizing may be the best option for your lifestyle and financial well-being. Whether you’re approaching retirement, your kids now have their own homes, or you’re just tired of a big house, these six signs could mean now is the right time to downsize.
1) Multiple Rooms or Spaces are Hardly Ever Used
If you find yourself living in a home with more space than you need, it could be a sign that it’s time to downsize. Whether you have extra bedrooms because your children have moved out or have rooms only used occasionally throughout the year, a smaller home that better aligns with your needs can help you eliminate excess space and reduce your monthly expenses. Downsizing can help you simplify your life and focus on things that truly matter to you.
2) You’re Struggling to Keep up with Yard Work and Home Maintenance
If you’re spending more time cleaning and maintaining your home than actually enjoying it, it may be time to consider a smaller living space. As homes become older, they often require more upkeep and maintenance to keep them in good condition, which can quickly lose its allure as you age too. A smaller home typically requires less maintenance, helping to save you both time and money.
3) Your Finances Have Changed
If your financial situation has changed and monthly housing expenses are taking up a significant portion of your budget, downsizing your home can be a smart financial move. The National Housing Authority recommends homeowners allocate 30% or less of their take-home income to housing. Therefore, if you’re spending more than the recommended amount, it may be time to downsize. A smaller home typically means lower monthly expenses, such as mortgage payments, property taxes, and utility bills. You may also be able to free up some equity by selling your current home, which can help you achieve other financial goals, such as paying off debt or helping with retirement.
4) Your Current Home Can’t Accommodate Your Desire to Age In Place
As you age, your current home may no longer suit your changing needs. If you’re struggling to get around your home safely, it may be a sign that it’s time to downsize. Whether it’s difficulty climbing stairs or a house layout that’s not ideal for aging in place, moving to a smaller home can help you maintain your independence and stay in your home for longer.
6) You Want to Move Closer to Family
If you’ve lived in your current home for years and it is keeping you in a location away from your grown children who have moved away, downsizing could be the answer to saving money and making a move closer to family. Living closer means you’ll be able to spend more quality time with your children and grandkids. It often means more family get-togethers, the ability to attend grandkids’ school events, and spending quality time making cherished memories.
7) You Have the Desire to Travel or Pursue Other Hobbies
Would you like to travel more or try a new hobby? Downsizing your home can be a great way to allow you extra time and money to pursue those desires. Since a smaller home typically requires less upkeep and lower expenses, you’ll have more time and money to focus on things you enjoy.
While downsizing can be difficult, it can be a smart choice for some homeowners. If you’ve been considering moving to a small home because of the signs listed above or other factors, now may be the time to downsize. A smaller space may better suit your changing needs and lifestyle while providing a place of comfort and enjoyment rather than the stress and financial burden that your current home may be causing.
Is it time to downsize? Contact us to discuss your home’s equity and learn how much you could sell for in today’s real estate market. Our agents can help you prepare your Southwest Virginia or Northeast Tennessee home to list and help with your smaller home search across Abingdon VA, Bristol TN/VA, Marion VA, and surrounding areas.