4 Reasons Why It May Be Time to Downsize

Is it time for you to downsize your home? Today I will be looking at four reasons that this may be the case.

Sometimes, the logical next step in a person’s real estate journey is to transition into a smaller home. Today, we’ll discuss four key signs that it might be time to downsize.

1. Retirement. As you approach retirement, owning a large home may no longer make sense, especially as your source of income changes. Moving into a more budget-minded space may be ideal for homeowners preparing for retirement.

2. Anxiety. If you own an old or very large home that requires a lot of upkeep and it has become a source of stress, it may be time for you to move into a more manageable living space.

 

"If you own an old or very large home that requires a lot of upkeep and it has become a source of stress, it may be time for you to move into a more manageable living space."

 

3. Unused space. If you are living in a home with more than one empty or unused room, it’s important to realize that you’re still paying for those rooms in the form of utilities.

4. Money. You may have lived in your home for a long time and built up quite a bit of equity in it. You also may not be aware of the appreciation that has occurred in our market over the last several years and you may actually be sitting on quite a bit of money.

If any of these apply to you, now is the time to speak to your agent and have them do a comparative market analysis for you. By selling your current home, you may be able to pay off any remaining mortgage balance and purchase a smaller, less expensive home for cash. 

If you have any additional questions about this or are interested in buying or selling, please feel free to contact me by phone or email. I look forward to speaking with you soon.