Best Time to Downsize Your Home
Our lives are dynamic, changing things, and it can be hard to predict our future needs. What once may have been the perfect home for you and your family may now seem too large or too impersonal. If you’re on the fence about whether it’s time for you to downsize your home, here are some signs that may point you in the right direction.
Too Much Maintenance
If the cost and physical activity it takes to maintain your property has become intimidating, then it’s likely time to downsize and find something with less overwhelming maintenance. While every home will occasionally require maintenance that lies outside your physical or financial comfort zone, if you’re regularly struggling to perform the chores required to maintain your property and your home has become a source of frustration, it’s time to find a solution. Homeownership should be a pleasure, not a source of physical exhaustion or mental anguish.
Too Many Expenses
In addition to the price of maintenance, large homes can carry steep holding costs, which are generated simply by owning the property. Some homeowners see their tax burden rise dramatically as valuations increase, which can be especially difficult for those on fixed incomes. Generally speaking, a smaller home equals a smaller monthly expenses. Mortgage payments tend to be lower, maintenance costs are less, and utility expenses are almost always reduced. Combine that with the fact that many people get a financial boost when they downsize (more on that later) and your month-to-month cost of living might drop dramatically in a smaller home.
Simplifying Your Life
One amazing facet of the late ’90s and early 2000s boom in large housing was that many of the people who settled in large homes ended up wishing that they had purchased or built a smaller home. In fact, a 2017 survey showed that a full 60 percent of people who lived in homes 2,000 square feet or larger said they hoped to downsize. Some of that is certainly due to the financial considerations we discussed already, but some of it may also be driven by a more thoughtful mindset. Typified by the tiny house movement, some people seek to downsize in order to strip away unneeded complications and focus on what matters most.
RE/MAX Realty Professionals—The Results Team—is ready to help you buy or sell your home! Visit www.andrewl185.sg-host.com. Or call Lesa Miller at 812-360-3863 and Jenivee Schoenheit at 317-258-0995.