3 signs it’s time to downsize your home
A sprawling home in the suburbs made perfect sense when your family was expanding at a rapid rate. Once upon a time, the sounds of kids running through the house and giggling in the backyard filled your spacious home. Then, the sounds of teenagers gabbing on the phone and playing video games replaced it. Now that your youngest bird has flown the nest, your home may feel eerily quiet. There are rooms that are rarely used, and more cleaning to do than it’s worth. If you’ve experienced this, you are not alone. You are officially in the “empty nest” phase of life.
There is nothing to be sad about. You’ve done a marvelous job. You’ve raised a family, shared holidays and made marvelous memories, and successfully navigated your kids from their childhoods into successful adulthoods. Now is a time you might want to consider downsizing your spacious digs for something smaller. So, how do you know it is time to downsize?
Your Space is Too Large and Expensive to Upkeep
Large homes often come with larger bills. The heating, air conditioning, and property taxes associated with sprawling suburban manors can be especially tough to swallow when you no longer need the space you are paying such a premium for. If you purchased a home in a good school district, you are likely paying especially high property taxes for schools your kids have used and moved past.
Experts suggest downsizing to a smaller home. You can generally purchase a townhouse, loft, or condo that will suit your needs well, without adding on the expense of upkeeping a larger home. Condos and co-ops are especially good for this, as repairs are taken out of the maintenance fee you pay monthly. Other chores are often worked into the pricing too, including yard maintenance, snow removal, and general upkeep of the property. When you are living on a fixed income, having flat fees to pay each month can be much better for your bottom line than paying for unexpected expenses.
You Want to Be Closer to the Action
When your kids were growing up you likely prioritized their needs for good schools and sprawling green spaces over your own hobbies. Now that the kids are off on their own, you can indulge your preferences once again. If you enjoy museums and shows, or love to hit the town for a nice dinner, moving closer to the downtown of a major city will make all of that more accessible.
Living downtown can come with higher price tags, but you can offset the pricing increase by downsizing to a smaller living space, especially if you plan to spend much of your time painting the town red.
Your Home is Suddenly More Desirable to New Buyers
New buyers are often in the market for suburban homes, so they too can grow and nurture a family. If the homes in your neighborhood are appreciating, it might be a good time to sell and reap the financial benefits. A real estate agent can help you determine what price your home is likely to fetch on the open market. If the pricing leaves you with a tiny profit, you can use that money to move into a smaller home, and live relatively debt-free.
Before you decide to downsize and give up your home, you should sit down and discuss your options with a real estate professional as well as a financial advisor. They are best equipped to help you figure out the best move for you and your personal finances.
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