For many people, the home they live in means a lot to them. It is a source of personal and financial security, and it also holds a large amount of intrinsic value. However, times change and the house you have may no longer fit your needs. For some homeowners, your children might have moved out, leaving no use for those extra rooms or you’re tired of the upkeep for such a large home. Whatever the reason, it might be time to downsize your home.
Here are some signs that might be showing you it’s time to downsize:
THERE'S LESS MONEY FOR EXTRA EXPENSES
This is a sign that can apply to any homeowner. For some, they bought a home they could afford, but circumstances changed and it's a strain to pay the utility bills while maintaining a healthy grocery budget.
MAINTENANCE IS GETTING TO BE A HASSLE
For singles with hectic work schedules, maintaining a yard or dealing with home improvement projects are sometimes out of the question. For older homeowners, some have the time to do yard work and fix things around the house, but not the energy.
Some seniors find that after a day of taking care of their yard, they're too tired to take on other chores, such as cleaning, babysitting grandchildren, or volunteering.
YOU HAVE UNUSED ROOMS
This is the biggest waste. Unused rooms still end up costing money, not only in property taxes and eventual maintenance (leaky roofs, peeling paint, etc.) but also in that they end up being heated and cooled, using up unnecessary electricity, gas, or oil.
For those who have semi-empty rooms, meaning that a guest bedroom is used for a month or more each year, then downsizing could cut into your lifestyle. If that lifestyle, however, is becoming a drain, then it may be time to entertain family and friends while suggesting a local hotel they can stay at.
YOU WANT MORE OUT OF LIFE
If the kids have finally moved out or if you’re preparing for retirement, you may be looking at a few extracurricular activities you want to pursue -- some of which might cost a little bit of money. If you’d rather spend your time and money on your dream activities rather than the house, it may be time to downsize to something smaller. Less maintenance and care can free up time for you to try new things.
DECIDING IF IT’S TIME TO DOWNSIZE YOUR HOME
By recognizing the signs, many homeowners can accurately evaluate whether or not they should leave their current home for a smaller one. While downsizing is not right for everyone, it can be a life-changing experience for the better for many.
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