In our upwardly mobile society, deciding to move into a smaller home might not seem like a smart move, but there are many benefits to downsizing and taking up less space.
Here are five signs that it is time to downsize:
1. Empty space is collecting dust
When originally purchasing your home, you may have been excited to transform some spare space into a cozy guest room or home office.
But what if those plans don’t come to fruition and these rooms remain mainly untouched? Though this extra space may appear to add value, it may actually be doing the opposite.
In addition to collecting dust, spare space may be wasting energy and adding to your maintenance and utility bills. So engage in a bit of decluttering, and see if you’ve got more space than you need.
2. Maintaining your house feels like a full-time job
Do you feel obliged to stay home on the weekends just to weed the garden, fix that DIY disaster in the upstairs bathroom, or simply clean the place?
If maintaining your home has become as stressful as taking on a second job, it may be time to downsize.
The simple solution may seem to be skipping minor upkeep projects, but slacking on maintenance will cost you more in the long run. And when you are finally ready to sell your home, you will likely have more expensive problems to fix.
Downsizing gives you the advantages of freeing up your time and probably saving money on upkeep.
3. You don’t need to live there anymore
Consider why you moved into your home in the first place. Your home may have been a great space to raise a family, but if you are now an empty nester, you may want to consider downsizing.
Maybe you are about to retire and want to move closer to your family. Or perhaps your original home-buying decision was influenced by where you work. If you’ve changed jobs or retired, your commute might be longer or your finances tighter.
4. Monthly expenses are adding up
Moving to a smaller home can reduce many of your monthly expenses — from maintenance bills to property taxes to mortgage and insurance payments.
Though these amounts may seem small on a monthly basis, they may be depleting the savings you need not only for weekend fun but for retirement.
5. Your home can make you money
Downsizing can not only save you money — it may also make you money. If you’re lucky, your home has increased in value since you bought it, and now may be the perfect time to consider cashing in.
While it is hard to predict the housing market, and while there are always costs to selling a house, selling at the right time can provide you with some welcome cash. Keep an eye on property values in your neighborhood via sites like Zillow.com.
The bottom line
Overall, the benefits of downsizing include increased financial flexibility and stability. And that would make anyone feel at home.
