Should you or shouldn’t you downsize? If you’re a homeowner, this is a question you’ll inevitably ask yourself.
While owning a home is exciting, it comes with a great deal of responsibility. If your home doesn’t fit your lifestyle anymore, you might want to consider purchasing something smaller – or even renting. Besides cutting costs, downsizing has additional benefits. For example, it can help you stay organized since you’ll have less space to spread out and lose track of your belongings. Downsizing can also make it easier for you to relocate to another area if you want to be closer to your family or friends.
Here are five signs it’s time to downsize your home:
More for Real Estate Enthusiasts
Here’s how to choose between a house, condo or townhouse
5 reasons to refinance your mortgage right now
Here’s how to get an instant offer on your home
How much house can you afford to buy?
1. You’re Feeling Overwhelmed
Owning a home isn’t for the faint of heart. Besides the monthly costs, you’re responsible for cleaning the home, handling any repairs, updating the decor, maintaining the front and back yards, etc. If you’re tired of taking on these responsibilities, or you’re just not in a position to do so anymore, it might be time to consider downsizing. Having a smaller home with less maintenance will take some of this stress of your plate.
2. You’re Struggling Financially
Are you struggling to make ends meet? You should consider downsizing. A good rule of thumb is to spend no more than 30% on housing a month. If you’re suddenly dipping into your savings to get by, or having to get a part-time job to afford your mortgage, a smaller home might be your best option.
3. You’re Never Home
Right now, people have more flexibility than ever before. They can work virtually anywhere, which means they can visit family members or travel by themselves across the country. If you’ve constantly been on the go in recent months, you might be wondering whether you should downsize your home for something smaller. After all, why spend so much money on a house you’re barely spending time in? Downsizing could drastically cut down your housing costs, so you can spend more money adventuring – but still have a place to call home.
4. You’re Not Using Most Of The Space
Do you have empty rooms in your home collecting dust? Why spend the money on a mortgage for a house you’re barely using? Instead, consider downsizing to a home with fewer rooms so you can actually get your money’s worth. This is especially true if you’re entering retirement age. Maybe you raised your family in this house, but now your children are in college or living elsewhere. You don’t need as much space as you did a few years ago, so why not downsize?
5. It’s A Good Time To Sell
Right now, we’re living in a seller’s market. In other words, it’s a great time to sell your house. Buyers are taking advantage of the low interest rates, which lets homeowners sell their homes with a higher price tag. If your neighborhood is in high demand and you’re ready for a change, now is a good time to sell and walk away with a good chunk of change.
The bigger the house, the better your life, right? Not necessarily. Contrary to popular belief, bigger doesn’t always mean better – especially if the size of your home is making your life harder. Instead of struggling to keep up with the costs and maintenance, consider downsizing.
The post 5 signs you’re ready to downsize your home appeared first on HousingWire.