Changing to a smaller home is never an easy decision to make, but sometimes it's a necessary one. Other times, downsizing your home is not so much necessary as just highly beneficial. And then there are times that it's not the right decision at all. Making the decision can be difficult, especially when there is so much to consider. To help you cut through the confusion and overwhelm, below are six signs that downsizing is probably the right move.
1. Your Kids Have Moved Out
When your children live at home, space is important. You need multiple bedrooms, preferably enough for everyone to have their own.Eventually, though, they grow up and build lives and homes of their own, and you are left with space you no longer need. While having a spare room is not a bad thing, having three or four is a different story.
2. You Have More Rooms Than You Need
Whether you have kids at home or not, you might find that you have too many extra rooms. You might use them for extra storage or you might not ever even open the door. However, you are still paying for that space, especially when it comes to heating and cooling your home. You're paying even more for them if you're still making mortgage payments. And property taxes don't go away. If you have extra rooms that truly don't have a key purpose, it's a good sign that your home is too big
3. Your Current Home Is Too Expensive or Too Difficult to Maintain
You are responsible for the monthly expenses and recurring maintenance of your home. The expenses can easily stack up, and keeping every inch of your home clean can be time-consuming.
As you get older, it can be difficult to keep up. In some cases, it's not the difficulty so much as it is you want to spend your free time doing something else. If your expenses or the upkeep become something you can't or don't want to deal with, consider downsizing.
4. Your Life Has Changed
When you first bought your home, you chose it to fit your lifestyle at that time. Maybe you chose a bigger house because it was closest to your job or your child's school. Or you might have chosen one with extra space to run an in-home daycare or other business. If your lifestyle has changed, though, your home might no longer suit it.
5. You Want Your Life or Financial Situation to Change
Many people choose to downsize as they prepare for retirement, and it's not always about not needing or wanting the space. Sometimes, they simply want their expenses to be lower so that they can travel or live out a lifelong dream.
Some people choose to downsize in preparation for another life change. For example, they might want to save for their kid's college fund, save for retirement, or start a business.
There are also many people who are simply tired of having no or very little money at the end of the month. They want to enjoy life now, so they choose to downsize their home to downsize their current expenses.
6. Your Physical Needs Have Changed
Life can be full of surprises - and full of injuries. Some victims of auto or work accidents find that climbing the stairs in their homes or having to walk down a long hallway to use the restroom is just too difficult.
Additionally, aging can make some everyday tasks, like climbing stairs, more difficult. You can make modifications to your current home, such as adding a stairlift, but those modifications can be a steep financial investment. If you find that navigating your home is too much of a challenge or that you prefer to sleep on the couch rather than force yourself to the second floor - and you'd prefer not to spend extra money - it's a good sign you should consider downsizing.
Downsizing is a big decision to make and one you should take time to think through. For many people, though, they find it to be a positive life change that opens new doors in their lives.
