The home you are living in right now may not be the right house for you in the future. Many people purchase their dream home with the hopes of staying in it for the remainder of their lives.
Things, however, change. That dream home you bought several years or a couple of decades ago may not fit your needs today. Your home, for instance, may feel too impersonal or too big. If this is the case, you’ll need to downsize your home.
How will you know when to downsize?
1- You are Struggling Financially
If you noticed yourself worried or stressed over the cost of living and monthly mortgage payments, then you may need to consider downsizing. You may find that your expenses are just too high with the salary you’re taking home every month.
When you downsize to a smaller house, such as a mobile home, you won’t have to worry too much about your cost of living. Although you still have to pay for utilities, mobile home insurance coverage (if you’re getting a mobile house), maintenance work, and other necessary expenses, you can enjoy peace of mind knowing that your payments can fit your current salary level.
2- You’re Often Out of Town or Overseas
Whether you’re traveling as a tourist or a digital nomad, you’re throwing hard-earned money down the drain if don’t stay for long periods in your house. Even if you’re not around, you still have to shell out money for utility costs, property taxes, mortgage interest, and other necessary home-related expenses.
If you believe that you’re not making the best use of your house, consider selling your home and downsizing. You could also relocate to someplace more convenient. If buying another home isn’t in your future plans, consider renting instead.
3- You Want to See Your Family More
If the distance from your family is preventing you from watching your grandchildren’s stage play or soccer game, consider downsizing and moving close to where your grandkids live.
Downsizing to a smaller house will enable you to spend quality time with the people that matter to you the most. Even if you decide not to move to the same city or neighborhood as your family, owning a smaller residential property that requires minimal maintenance will make life and travel much easier and more feasible.
4- You’re Getting Old
When considering downsizing, you need to have a good think about your future. While you may be a spry, young fellow right now, what about in 15 to 20 years? A time may come when climbing the staircase or even walking from the living room to your bedroom will become too much for your body.
If you believe that your body won’t hold up to the demands of your current home, look at downsizing to a one-story home or an apartment. These options may be more appropriate for your physical abilities in the years to come.
5- You Want to Simplify Your Life
Back in the late ’90s and early 2000s, there was a boom in large housing. Some who resided in these big homes ended up wishing that they had built or bought a smaller residential property.
Some wanted to downsize because of financial constraints, while others had a more thoughtful mindset. Those that joined the tiny house movement sought to downsize to strip away the unnecessary complications and focus on what matters the most – living simply and comfortably.
If you find that your house is a bit too big and too much, you could simplify your life by downsizing your home.
6- You’re Having Difficulty Maintaining Your Home
You likely need to downsize if the cost and physical activity needed to maintain your home has become intimidating. Owning a home should be a pleasure, not a source of mental anguish or physical exhaustion.
7- You Have a Lot of Empty Space
Do you have one or more guest rooms that are just gathering dust? Instead of spending a lot of time and money keeping these unused areas spick and span when they are more likely to become a junk pile?
If you don’t have plans to rent out those empty and unused living spaces, downsize your house and move to a property that’s enough just for you and your family.
8- Your Children Are All Grown Up
The house that was once full of children and clutter is now quiet. If all your children have moved out and are on their own, go ahead and downsize. This can bring down your mortgage payment and enable you to save more money.
Deciding to downsize and choosing the best time to do can get tricky. If you play your cards right, however, your move to a better house can save you money and improve your quality of life.