8 Signs it Might be Time to Downsize

When you first bought your home, your life probably looked different. Maybe you had younger kids and a few pets. Perhaps you needed more room for a job or for hobbies. Now, it may be years later, and things have changed. The kids have grown and moved on; you could be single again. Maybe you’ve retired or had to give up hobbies. Whatever the chance, you might be considering downsizing to a small home.

If you’re unsure whether making this change is the right call, here are a few signs that opting for a smaller living space would better suit your lifestyle.

The maintenance is too much to handle

If you find yourself overwhelmed with maintaining your home, moving to a smaller house might be a good fix. Sometimes, downsizing might mean choosing a home with less property to mow and maintain. If keeping all the spaces in your house is too difficult or takes more time than you want to spend, it might be time to downsize.

You’re approaching retirement

Staying in a larger home may not make sense if you’re ready to retire, and keeping up with the payments would be difficult. If you chose your home primarily due to its proximity to work, now could be a great time to consider moving to a smaller space in a new location. You could lower (or eliminate) your mortgage payment and have more funds to spend enjoying your free time.

You have unused space or rooms

One sign that your home might be a little too big is if you have extra rooms that you don’t use. You should consider downsizing to a smaller space if the kids have moved out and don’t need the space for guest rooms, hobbies, or other purposes. Smaller homes are easier to upkeep and often save you money. The smaller area can also help save money on utility bills. Additionally, if you’re prone to “collecting” things, eliminating the extra rooms could make you more likely to rethink what items stay in your home.

Health needs necessitate a simpler lifestyle

Significant life changes often change our perspective on what is important. Sometimes those life changes also shift our perspective on what’s necessary. If your health needs have changed and you can no longer go up and down stairs or otherwise access different parts of your home, it may be time to move. A smaller, more functional space could make it easier to meet your health needs.

Downsizing would free up a lot of money for other pursuits

Owning a larger home means more time and money spent keeping the house in good shape. Larger yards require more maintenance and, depending on your location, may require expensive sprinkler systems. Bigger homes have more windows, plumbing, roofing, and square footage to maintain. If you’re tired of all the pricy home repairs, downsizing to a condo or a smaller property with an HOA could be a good option.

You’re gone for long periods

Not all lifestyles are suitable for homeownership. If you travel a lot for work or prefer the life of a digital nomad, owning a large home might not make sense logistically or for your budget. Unless you’re renting out the space when you’re not around, opting for a smaller home could be a better fit. Less space means less to keep tidy. Additionally, if you’re comfortable with smaller living spaces, you could save a lot of money or opt for a prime location for easy access to amenities when you are home.

You want to simplify your life

A business mindset called “Parkinson’s law” says that work expands to fill the time available. The same can be said of items. It’s often easier to buy or collect more than you need when you have a lot of space to fill.

Suppose you’d like to focus less on material items and more on qualify time with family and friends. In that case, a smaller home might make it easier to accomplish. Smaller spaces feel cluttered faster, so you may find it easier to bring fewer items into your home. Further, smaller spaces mean less space to clean and repair.

You need to save money

If you need to sell your home quickly, want to avoid foreclosure, or just need to tighten the budget, downsizing could be a good solution. You may be able to save on your mortgage, utilities, and maintenance with a smaller house.

Now is an excellent time to sell if you’re looking to downsize. If you want to sell your house or investment properties quickly and without the hassle or cost of a real estate agent, call brick today for a quick quote.

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