When is it Time to Downsize Your Home?

When is it Time to Downsize Your Home? 

It's not just for retirement anymore!

Traditionally most average homeowners start out small and end up small, sometimes increasing the size of their homes in between. Commonly the decision to buy a larger house is motivated by a growing family, though increased wealth and growing acquisitions are also common factors.

Given the trends in urban living and rising costs of maintaining a home, there is a growing body of people that has decided smaller is better. If you’ve followed the traditional route and bought the biggest and best home you can afford, why would you want to downsize your home? Once you have established the advantages of downsizing, you can decide whether this is what you want to do, and when it is time for you to downsize your home.

While a smaller home will inevitably result in fewer belongings, and may lead to space restrictions, there are a number of good advantages that you should consider if you have an inkling that it’s a good time to downsize your home.

Popular Reasons to Downsize Your Home 

• It’s very likely going to cost you less money on your mortgage payments.
• It will definitely save on time in terms of cleaning and general maintenance. 
• Your utility bills will be lower because it costs less to heat or cool smaller spaces.
• You are less likely to buy new items quite simply because there’s no space for them; this results in reduced spending.
• Overall if you downsize your home the demands of a smaller house will be less, which minimizes the stress factor.
• With less maintenance and more savings, you can afford to do other things, like travel, buy a boat or motor home.

When people think of downsizing, they usually think of "empty nest syndrome".  The kids have moved on to college or started their own families and the house just feels too big. This is certainly the case the majority of the time. However, recently there has been a trend towards smaller living, even for those with families. 

Many new home communities offer so many amenities and recreational options, that town homes or patio homes with small yards have become a really great option for families. Condos in urban areas are also attractive to retirees who enjoy being able to walk to many conveniences.

Whatever the reasons, downsizing can be a great way to simplify your life and focus less on material possessions and more on the quality of your life.  After all, it's not the size of the home that makes it a happy place to live - it's the people who live in it.

Is it time to downsize your home?  If you have been thinking of downsizing, give me a call and let's weigh your options.  It may be easier than you think.