Downsizing January 23, 2020

Is It Time To Downsize?

Ahem, empty nesters.

Cottage with Colonial Williamsburg Style

Downsizing is bittersweet. Moving out of a home filled with decades’ worth of memories can be a difficult decision. But downsizing is a practical option for many empty nesters. Put the sentiments aside for a minute, and evaluate how your home is meeting your current needs. Does your voice echo from one end of the house to another? Are you hustling to keep up with chores like cleaning and yardwork? Is your retirement fund going toward bills instead of fun experiences like travel? A number of financial, physical, and emotional factors can play into a homeowner’s decision to cut back on square footage. Here are five signs it’s time to consider downsizing.

1. You’ve retired.

Most retirees spend less time at home and more time traveling, so downsizing to a smaller home is a cost-efficient solution. Use money saved on lower utility bills to visit family and friends. Also, what’s not to love about tiny cottages?

2. Overwhelmed with upkeep.

Owners can feel tethered to high-maintenance homes. Something always needs repairing,? Grass is overgrown shortly after it’s cut? Basic chores consume entire weekends? Having a smaller house and yard can simplify your live, freeing up time and resources for things you actually enjoy doing.

3. You’re an empty nester.

Are a few rooms still sitting vacant after the kids moved out? Too much empty space can feel cavernous and lonely, and most unused rooms inevitably turn into dust-collecting storage units. Maximize square footage and minimize cost of living in a smaller house. (These 18 house plans under 1,800 square feet are ideal for downsizing.)

4. You’re having trouble moving around the house.

If going up and down stairs is becoming too difficult, moving into a one-story house can be a safer, stress-free option.

5. The property value of your home has risen.

If the real-estate market in your neighborhood is booming, consider selling. You could make money by downsizing.