Downsizing to a smaller house is often a smart decision — especially if you’re getting older and your family situation is changing as children move out. But while a smaller home can have significant benefits — including a smaller or nonexistent mortgage, fewer maintenance expenses, and lower property taxes — downsizing isn’t the best choice in every situation.
In fact, here are three situations where you may end up regretting your choice to switch to a smaller space.
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1. If family moves back home
Many homeowners sell a large family home and downsize when their children are grown and gone. The problem is, children don’t always stay gone forever. Your kids may move back home after graduating from school or while trying to save for a house of their own — or if they experience any life setbacks, such as a job loss. You may also have aging parents who need to move in.
The last thing you want is to have to turn down your loved ones if they are in need of a place to stay. But, if you’ve downsized, you may find you don’t have the space for them. You’d be left in a tight spot — literally — and might even need to reconsider a move to a bigger place if you wanted to help out.
2. If you don’t have space to indulge your hobbies
Downsizing is often common after retiring or changing to a less demanding (and less lucrative) job. However, the circumstances that lead you to downsizing often also provide you with more time to indulge in your hobbies.
Unfortunately, sometimes a smaller home may not give you as much space to do that. Say you love to cook and are used to a large kitchen but have switched to a small home with minimal space and one oven instead of two. In that case, you may find you don’t have as much fun making meals.