As we go through the stages of life, we also go through the stages of home ownership in our lives. First, we rent, then we buy our first home, then we move into a larger home when we have a family and finally we downsize as we mature.
Here are 5 signs one may be ready to downsize into something more manageable.
Looking for a little freedom in your life?
Perhaps you secretly want to buy that motor home or want to leave the cold for a couple of months in the winter. But, you feel guilty about spending that kind of money or feel guilty about being away from the kids or the grandchildren. You likely have worked hard most of your life and you deserve to do these things while you can. By downsizing you will have the funds to enjoy yourself doing the things that you have dreamed of doing… just imagine!
Having difficulty keeping up or too big?
A big property brings with it lots of cleaning, gardening, and general upkeep. As the home gets older things start to need maintenance and repair resulting in expense or your perhaps one is reaching their physical limitations. If you see yourself struggling to maintain the home or property or are keeping it for sentimental reasons, it’s probably a good time to have a gentle discussion centered around moving. Talk to family and friends that have already made this move.
Reduce day to day living costs:
Downsizing can mean that many people are able to live mortgage-free, as well as reducing other living costs such as utility bills. These savings can then be put towards living during retirement, into a savings fund or spent and enjoyed.
Need to fund retirement?
If you are approaching retirement age, you may consider downsizing as a way of funding your lifestyle or allowing you to take an early retirement. For some this money may be used for day-to-day living, for others, it is used as a way of following a dream such as traveling during their retirement.
Want a more simple life?
Less clutter, less personal belongings, and more spare time could mean a whole new lifestyle for you.
Moving from a larger home forces you to clear out belongings you may have been hoarding. It also means less time spent cleaning and maintaining the property or garden.
Before taking the plunge into downsizing, consider your reasons. Talk to family and friends. Its always good to get advice from professionals such as accountants, Your realtor and estate attorneys. Whatever you decide, we are here to walk the journey with you.
Thinking of downsizing?
We can help!