Would Home Downsizing Pay Off For You?

Many people buy their dream homes thinking they’ve found their ideal forever-dwelling. While the idea of never packing another moving box may feel delightful, situations change, and homeowners may find home downsizing to be a great option.

Home downsizing can pay off in finances and freedom…

Still, the decision to sell your family home is a big one. Screen your situation using the following points to see if home downsizing may be a good plan for your future…

It costs too much money to maintain your home.

If your home-related expenses are leaving you strapped for cash, home downsizing makes good financial sense. Retirees must often adjust to lower income compared with their earnings during their working years. Retirees incur financial strain when trying to maintain the same size home with a smaller cashflow. If your home expenses claim more than 30% of your income, consider finding financial freedom through downsizing.

Mobility issues pose a danger to you.

If limited mobility, or low vision, causes fall risks for you or a loved one, downsizing to a smaller, one-story floor plan could offer a solution. Consider any outdoor steps, when evaluating the mobility-friendliness of your property. Also consider whether your garage is attached or freestanding. Freestanding garages create more of a walk, and therefore may pose greater risk for those with mobility-related challenges.

More than one room functions as storage.

If you find yourself storing items in more than one room of your home, you may be ready to downsize your home. Using multiple rooms solely for storage means that you’re already living in a smaller number of rooms. If that’s the case, you can opt to give unused items to charity, repair or toss broken items and streamline your belongings to what you truly want and need. A plus side to this situation, is ease of transition to smaller space living, because you’ve already been living in fewer rooms.

Small space living pays off in freedom, too.

Increasingly, real estate shows and online websites showcase the upsides of small space living. You can enjoy a thriving, active life while living in a downsized space. In fact, after home downsizing, you may feel happier due to lower utility bills, less time needed for cleaning and fewer hours spent maintaining the home. Fewer constraints on your finances and time, mean you have more freedom to do what you love.

Let’s talk about it.

If you think home downsizing may be a good choice for you, consult with a trusted Real Estate professional to talk through your options.

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