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When bigger isn’t better anymore.
Downsizing is exciting for some, yet heartbreaking for others. If you fall into the latter category, it can be hard to decide when the time is right—sometimes you just know, but that’s not always the case. (Especially if it’s not something you’re looking forward to.) Below, two Realtors share five signs it’s time to downsize and move on to the next chapter of your life.
You’re an empty nester.
First, let’s talk about space: “Once your kids are grown and have all moved out, your home that once felt the perfect size might now be too large,” says Abby Sprio, Realtor at Amazing Realty in Austin, Texas. “Unless your guest rooms are getting regular use, it might be worth downsizing to a space that fits your next phase of life.”
“It’s also possible that the location doesn’t fit your lifestyle anymore,” adds Whitney Dutton, real estate advisor and director of residential sales at Native Realty in Fort Lauderdale, Florida. Without schools or extracurriculars to consider, you may want proximity to different things now—restaurants, friends, or hobbies.
It’s getting too expensive.
“If you’ve been struggling to make payments on your home, whether the mortgage, maintenance, utilities, or property taxes, it might be time to look into downsizing,” Sprio advises.
Are you retired? “The financial shift could be because your costs of ownership are now disproportionate compared to your new fixed income and not your old salary when you were working,” says Dutton.
You can’t keep up with the maintenance.
Sprio recommends using the rule of 10: “If your list of deferred maintenance items around your home has become longer than ten significant things, it might be time to downsize.” At that point, whether because of time, money, or lack of use, it becomes no longer manageable.
Pushing maintenance items back might make whatever problems you’re dealing with worse—aka more expensive and inconvenient. Although moving is inherently stressful, it’s possible that you’ll end up making your life easier.
It’s physically taxing.
Whether due to injury or age, your mobility may not be what it once was. No matter how much you love the place you’re currently in, Sprio insists you have to be able to live in it too. Downsizing cuts back on movement, as well as any unused space, meaning you’ll be able to focus more on enjoying your home.
For those who are wheelchair-bound, it also provides the opportunity to get rid of any limiting stairs and do less renovations such as widening doorways.
You need a fresh start.
A major life change such as the death of a family member or a divorce may leave your house feeling empty and less like a home than it once did. In that case, another major life change may be needed—downsizing. “Sometimes, after experiencing trauma, you deserve a new start in a new location,” Dutton explains. It sounds counterintuitive, but downsizing might just provide the space you need to heal.
Read the original article on Southern Living
