Selling your home is an emotional process, especially when you’re at a transitionary point in your life. Whether your grown children are out on their own or if you’ve closed a chapter in your career, many older adults discover that downsizing to a more manageable space is best for their evolving lifestyle needs. Unsure if now is the right time to downsize? Consider these pros and cons.
- Too much space can be a hassle.
A 2,000 square foot home may feel cramped for a family of five, but it’s far from cozy for just two adults. Any space you have indoors or outdoors will need to be consistently maintained. Downsizing to an area that has enough room to breathe and still be manageable is an ideal combination for those entering retirement. - Not enough space can be restricting.
Just because you’re living alone or with a partner doesn’t mean you should move into a studio apartment. Extra rooms for guests, hobbies, entertaining, or even storage are usually better to have. Remember that you can still downsize your living quarters without having to downsize some aspects of your lifestyle. - Downsizing can be a wise financial decision.
What could you accomplish financially if your mortgage was lower? You could tackle outstanding debts, or you lump it into your retirement payments and enjoy life living easy. Downsizing to a more affordable living space can help you save, pay off mortgages or debts or allow you to live comfortably — maybe even lavishly at times! - Downsizing can be costly.
With any real estate transaction, you must consider all of the costs, both hidden and apparent. The cost of selling your home may include renovations, repairs, and hiring third party services like cleaners, landscapers, and professional stagers. Moving costs and rehoming costs will add up. Other sudden expenses may manifest as well. Selling your home is not recommended if you’re in an unstable financial situation. - Moving to a new home, town, or city can be an exciting experience.
Imagine embarking on the next chapter of your life in a new neighborhood that perfectly caters to your lifestyle. Downsizing is the perfect opportunity to live in the space you’ve always wanted. - Moving is often a bittersweet decision.
Your house is a home where so many moments of your life happened. You’re not just selling a piece of property; you’re saying goodbye to a place that cared for your family as much as you do. The decision to move is often emotional, and if you’re unsure of if now is the right time, it may be for the best that you take a few months to define what you truly want at this stage of your life.
As your life changes, so do your lifestyle and financial needs. Downsizing to a smaller home is perfect for some adults who want to save money and live life on their terms. However, like any move, downsizing may not be the right decision for your family. Take some time to consider your options and ask a trusted real estate agent to help guide you through this decision.
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