4 signs it could be time to downsize
If you’re approaching retirement, the nest is empty, or you’re simply tired of walking around a big house looking for your missing keys, the decision to downsize might be tempting. But how do you know if it’s the right time?
There is no one-size-fits-all answer to the question of whether a homeowner should downsize, but these 4 factors could be hinting that the time is right…right now.
You have multiple rooms and storage spaces you hardly ever use
Do you feel like you’re paying to heat, cool, clean, and maintain many square feet that you use once or twice a year? Does the thought of paying property taxes on that never-used guest room make you crazy?
Freeing yourself from unused space can save time and money, which is why it’s one of the most common reasons people decide to downsize.
Yard work and home maintenance have lost their allure
Gone are the days of raking as a family and letting the kids jump into the leaf piles. If your kids now have their own leaf piles at their own homes, you might be at the point in your life as a homeowner where you find yard work and home maintenance just plain irritating.
If the idea of having someone else take care of your yard and home maintenance sounds wonderful, there’s nothing wrong with this—it could be a sure sign that downsizing is right for you.
You’re missing out on family time
If the family home is keeping you rooted to a location your children have moved away from, downsizing could be an opportunity to save money and move closer to family, so you could attend more get-togethers, recitals, school plays, and all the day-to-day events that turn into cherished memories.
The market will work in your favor
Are homes going like hotcakes in your neighborhood? Are interest rates historically low and better than what you’re currently paying? Is it a buyer’s market for small houses or condos in the area where you’re looking to downsize?
You may not know the answers to all of these questions, but a good real estate agent can help you determine if it’s the right time to downsize based on markets, projected trends, and current interest rates.
There is no harm in striking while the iron’s hot if you’ve had downsizing on your radar for some time and you know it makes sense for you.
Still wondering if downsizing makes sense? Contact an Allen Tate agent for help navigating this exciting decision!