Downsizing Your Home: When Should You Downsize?

What is Downsizing?

Downsizing is the process of moving from a large home into a smaller one. For some people, this may mean moving from a single family home with a yard to a condo or townhouse with less maintenance. For others, it might simply mean moving to a smaller single family home that is a single level with less of a yard to maintain.

Downsizing is a great option for many people at different stages from life. If someone retires and is looking for a house with less maintenance and a lower monthly payment, if your monthly income changes suddenly, or if home maintenance is becoming too much to handle for other reasons, downsizing can be a great option.

Downsizing Your Home: When to Pull the Trigger

Let’s say you bought your home during the height of the pandemic. You were working remotely and needed space for a home office and home gym. Since then, your job has gone back to the office and you are working out at your in person gym.

You might feel like you have a lot of wasted space in your home or like you are paying for amenities you don’t use. In this case, downsizing is a great option. You can have a lower monthly payment and no unused space.

An inability to maintain a home is another reason for downsizing. If you are injured, aging, or disabled, having a large house with stairs and a yard to maintain might be too much to handle. Alternatively, you might be paying someone to maintain your home for you or spending on pricey renovations to accommodate your abilities.

Instead, you can consider downsizing your home. If you are struggling to get around or paying exorbitant bills to maintain your house, you might consider moving to a condo or townhouse with less maintenance.

Conclusion

Overall, there are many reasons why you should consider downsizing. If you have excess space in your home, struggle to maintain your house or move around, or if your house has amenities and features that you no longer use, you can save money on your mortgage and other maintenance bills. Are you thinking of downsizing your current home?