It can be challenging to know the right time to downsize your home. It can be a very emotional experience. The family home is full of memories of raising a family and sending young adults out into the world.
So, it’s understandable that couples moving towards retirement are reluctant to leave behind the sanctuary that has played such an important part of their lives.
As an experienced local real estate agent, I’ve helped many folks plan a downsizing strategy.
Knowing the right time to make your move is critical. Avoiding a decision can often result in health issues forcing your hand. Houses can become too big to maintain and take a physical toll when you mow lawns or climb ladders to fix a leaking roof or clear leaves from gutters.
Using my years of experience, I’ve been able to make a list of signs that tell you it’s time to downsize.
I hope you find them useful. In the meantime, if I can help you sell your property, or build a downsize strategy that will give you comfort about your living standards in the years ahead, please do not hesitate to contact me.
Here’s the list:
- Do you feel like you’re rattling around in your home?
Once the children have moved out, couples often feel the house has become too big. Rooms are never used and only cleaned because they collect dust. You may find you’re living in a particular part of the home, often to contain utility bills. If this is you, then it’s definitely time to explore your downsizing options.
- Do you feel overwhelmed by your property?
This is another issue that crops up regularly. Feeling overwhelmed by the maintenance required in a larger home quickly creates stress and that’s not good. Everyday tasks such as cleaning, or sweeping garden paths, become burdens. The idea you have to climb a ladder for a simple maintenance task might fill you with dread.
If you feel you cannot look after your home as you once did, then downsizing is your wisest course of action. Once you decide to act, you’ll be amazed at the relief you’ll feel.
- You can never find what you’re looking for?
This is a significant frustration for many. Their memory isn’t necessarily failing, but it’s common to struggle to find car keys or credit cards in a large home when there’s so much opportunity to put them down carelessly. Of course, you can overcome this challenge by being more organized. However, we all know that’s easier said than done!
- Are the stairs becoming harder to climb?
Time catches up with all of us eventually, and you don’t need to be wielding a walking stick to start to find stairs are harder to climb or to descend first thing in the morning. Your home shouldn’t become an assault course. If you’re having trouble getting around the property, then it’s time to leave.
- Will you travel more in retirement?
If you’re planning to enjoy long trips, especially in retirement, then carrying the cost of maintaining a large, empty property doesn’t make sense and becomes an added stress to come home to. It would be best if you considered a smaller home and even think about moving into an apartment or condo with security to reduce any concern on that score.
- Do you have the “utility bill blues”?
Retirement is a wonderful time of life, but it usually cuts into your cash flow. Spending money on heating or cooling your entire home is wasteful when you use only a percentage of it. I have worked with couples who became more stressed by these quarterly bills than anything else. If this sounds familiar, it’s a smart move to act. If you buy wisely, a smaller home like a condo or apartment, especially one in a complex should reduce your outgoings. Your costs will be more consistent, too, and that will help with your household budget.