You’ve lived in a home you love for many years. It’s the place where you’ve raised your children and created many happy memories with family and friends. While you may not want to admit it, you may have to ask yourself whether it’s time to sell your home and move to a more affordable or accessible home. In other words, when is it time to downsize? At first, the idea of downsizing can be overwhelming, and many homeowners avoid the downsizing process.
Know that it can be done and that there are benefits to downsizing that you may not be aware of in the moment. Indeed, this can be a great chance for you to enliven the upcoming years.
Here are some ways to know it’s time for you to downsize:
- Living in a large home requires expensive regular maintenance and unexpected repairs to keep it in top shape. If you are on a fixed income, you may have less money left at the end of each month, which puts a greater financial burden on you. Living in a smaller home will make financing it more affordable. Once you sell your home, you can take the proceeds and put them toward buying a smaller home. This move should result in significant savings.
- If you find that you have multiple rooms that are not being used but need to be cleaned, heated, cooled, or maintained, downsizing is probably in your future. Think about the time you will save by not having to clean an unused bedroom or bathroom every week.
- Unfortunately, as we age, we begin to have mobility issues. Living in a multilevel home makes navigating difficult. A smaller, single-level home or an apartment building with an elevator may make more sense from a safety point of view. Look for senior-friendly features such as wider doorways, ramps, walk-in showers with handrails, and nonslip floors.
- With your children now old enough to live on their own, they may have set up residence in a town or city far away from you. If you only see each other a few times a year, you may find it difficult to stay connected. Living in a smaller home closer to loved ones allows you to have the emotional and social support you need.
- If you dreamed of traveling once you retired, downsizing may provide you with the funds you need. There is also less concern about leaving a large home unattended while you are away.
Downsizing to a smaller home may be challenging to comprehend and filled with angst. Those who have made this decision find they are happier and ready to take on new opportunities. We have FREE Elder Law Reports and blogs on our website that may help you make a decision.
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