Not quite sure if you are ready to downsize your house for a smaller, more manageable size? Answer the following questions to find out if it’s time to face the truth and move!
Do You Have More than One Guest Bedroom?
If you do, you’re ready to downsize. If you have one, you could still consider downsizing and buying a futon or sofa bed for your living room in case you have overnight guests. Once you enter rooms only to clean them, you know that they aren’t really necessary anymore.
Do You Have More than One Property?
Some might have 2 properties that they split their time between, an example being snow birds or those with cottages. Do you find that you still need a big home in the city? If you have more than one home, it makes sense to make them smaller ones which makes them easier to maintain and upkeep.
Is Maintenance Getting Difficult?
If your back is not what it used to be, why are you still living in a home with a double driveway that needs snow clearing in the winter? Or with a huge yard that needs mowing? The smaller your property is, the less maintenance it requires. A condo is an even better option as a lot of the day to day maintenance is done for you.
Do You Feel Like You Are Drowning in Your Belongings?
Downsizing is the perfect excuse you need to truly purge- it won’t all fit in your new, smaller place anyway! It’s time to get rid of and donate all the items that you no longer use or hold value, and bring only your treasures to your new, smaller home.
Do You Want to Have Better Cash Flow?
Paying off a mortgage can be a crushing expense. By downsizing, you can often also downsize your mortgage so that you have more money for other things like travel, hobbies, or simply peace of mind.
Are You Traveling A Lot?
If you’re not home a lot of the time, why do you need such a big one? Many seniors spend a lot of their time traveling and visiting their kids all over the world, meaning that they realistically spend very little time in their own home. That’s an indicator that your home might be too big, and it could be time to simplify your life.
Do You Want a more Urban Location?
Living closer to the center of town means better access to amenities like entertainment, dining, libraries, social services, hospitals, and more. If you are at a stage in your life where being able to get to these quickly and potentially by foot or transit is a priority, downsizing will likely be the answer. Many properties downtown are smaller than what you would find in the suburbs, meaning that you will be looking at smaller homes and condos.
Are You Close to Retirement?
Downsizing is a popular option for those approaching these golden years of life. There are a lot of attractive by-products to this decision like more time, more money, and more freedom. Smaller spaces are easier to move around in, to take care of, and to pay for with your retirement savings.
Is Your Utility Bill Killing You?
Even if you only really use half of your home, you have no option but to heat all of it. If winter heating and summer cooling is making a huge dent in your monthly budget despite there being few inhabitants in the house, it’s time to get a smaller place with a smaller utility bill.
Are You Looking for a Change?
After years of living in the same place, change can be exciting. It’s a chance to explore your new surroundings, redecorate, and find little projects to work on. Downsizing can be the ultimate challenge, but one that many have chosen to live where they want and with a quality of life they can afford.
Downsizing can be an overwhelming process for some. But doing so can bring a lot of benefits to your life, from financial independence to a simpler, more manageable day to day. If you’re looking for someone to show you your options, you’re welcome to contact me for a complimentary consultation!