How Do I Know When It Is Time to Downsize?
When it comes to downsizing a home, the biggest hesitation many people have is that they simply do not know where to begin. The process can be incredibly stressful and overwhelming if you do not have the right tools and information. For many, when is the biggest question. When is the right time to downsize? One common misconception is that downsizing is strictly for the elderly. Yes, senior adults make up a good portion of those who are looking to move to a smaller home; however, anyone can be a candidate for downsizing, and there are a few considerations that may help make the decision a bit simpler.
- Health and Safety
Health challenges are among the primary reasons one would consider downsizing. Some medical circumstances, whether sudden or progressive, may leave a homeowner handicapped or no longer able to remain in their current home for safety reasons. When this situation presents itself, it is important to consider a move to a place with accommodations and amenities specific to the needs of the individual (i.e. independent one floor living, home care/assisted living, skilled nursing). While health issues can present themselves at any age and any stage in life, senior adults are the most common group affected. This type of move is almost always more of a “need” than a “want”, and it is important to respect that, in some cases, this may be distressing and difficult for the homeowner. Nonetheless, it is important to provide assurance that the downsizing will be beneficial to their safety and quality of life going forward.
- Change in Family Composition
Empty-nesters or those who have recently experienced a change in family composition (e.g. divorce, death of a spouse/partner) are also among those who are contenders. When all the children have moved out and all that’s left is you and a whole lot of house, it may be time to downsize. However, it is still important to consider the future, where you would like to retire, and if you would like to have a little extra space for the kids/grandkids. Those who have been recently divorced or have suffered the loss of a spouse/partner may also benefit from downsizing. Moving into a smaller home may also help reduce financial stress during an already difficult and hectic time.
- Too Much House
Do you have several unused rooms in your home? Do you find it difficult to keep up your house because of the size? Are you overwhelmed with the maintenance of your home or yard? If so, it may be time to downsize. With a smaller home comes less cleaning, less landscaping and yard work, and less empty space. This can be relieving to those who no longer can manage and maintain their home, or for those who simply do not want the responsibility any longer.
- Limited Budget/Financial Challenges
For those who are on a limited budget, are finding the expenses of your current home too much to bear, or who just want to stretch your retirement savings, a downsizing can be a great solution to ease that stress. Eliminating the cost of a home that you can no longer afford and moving into one that is much more suitable for your budget can take a lot of weight off your shoulders and help you live much more comfortably. And because the value of your home may have gone up considerably since you bought it, selling your home could help add to your nest egg.
While the thought of downsizing can seem very overwhelming, Berman Property Solutions is here to advise on and support the sale of your home, dealing with your personal property, and making your move easier and less stressful. Please contact us when the time is right for you.