“The bigger, the better” is an adage that doesn’t always ring true, especially when it comes to where you call home. If you feel that your home is becoming harder to manage, it might be time to consider downsizing.
When is the best time to downsize your home?
Downsizing doesn’t necessarily mean downgrading your lifestyle. You might be able to enjoy it even more. A Homes.com survey of more than 1,000 homeowners who had downsized revealed that the biggest benefit of moving to a smaller space was creating a better budget: 62 percent of respondents indicated that they were spending less money, and 50 percent said they were able to save more money. In addition to saving money, downsizing can help eliminate some of your responsibilities: A smaller space with a smaller (or no) yard means less time vacuuming, dusting, mowing, and doing all the other chores required to keep a home in tip-top shape.
If you’re thinking about downsizing, ask yourself:
Are your living expenses too big for your budget?
Your home is likely your biggest expense. Whether you’re paying rent or making a mortgage payment each month, do the math to determine what spending less could mean for your finances. While this question is especially important for retirees living on a fixed income, it’s equally crucial for young professionals to consider, too. If you’re spending too much, you’re likely saving too little. Downsizing can help lay some of those worries to rest.
Do you have unused space?
Perhaps your children recently moved out, or you no longer need your home office setup. However, if part of your home has become a place for you to store more stuff, it’s time to think about whether you’d be better off paying for a much cheaper storage unit — or getting rid of a lot of those possessions altogether.
Would a different living arrangement be better for your future needs?
While your current home served you well in the past, think about what’s in store. For example, will the stairs to the second-floor bedroom become a potential hazard? Perhaps you’re single and just accepted a new job that’ll require regular weekly travel. If you’ll be gone so often, do you need extra space to entertain guests?
Where will you downsize?
If you determine that downsizing your home is the right decision, it’s time to think about the next question: Where should you go? Consider these factors:
How much space will you need?
You’ll be looking for something smaller, but how small is realistic? Of course, you’ll need to …….