Real EstateJanuary 21, 2023by shelby0When Should I Downsize?

If you’ve had a larger house for a long time, you’ve probably grown attached to it. However, there are times when it’s better to move into a smaller home. It might be time to downsize if you’re in any of the following situations.

Kids Have Moved Out 

While you still have kids in the house, you need plenty of room for everyone. There needs to be spaces for kids to study and play. Everyone also needs to have their own space at some point. However, once your kids have all moved out, you’re left with a lot of extra space that you don’t need anymore. When you’re an empty nester, it might be best to move into a smaller home that’s the perfect size for you and your spouse. It’s less to clean and maintain and it’s a more affordable option. The only extra room you’ll want to have is a guest room for when the kids visit. 

Retirement 

Once you reach retirement, you’ll likely be living on a fixed income and you want to reduce your expenses as much as possible. Housing costs are often the biggest expenses you’ll have and you can save money if you downsize to a smaller home. Additionally, smaller homes are easier for you to clean, maintain, and move around in as age. As you get older, your body begins to break down and it can be harder to go up and down stairs or even walk around a large house. Single-level homes with less square footage are ideal for retired individuals. Having a smaller home can also be helpful if you plan to travel during your retirement. You won’t have to keep up with large mortgage payments while you’re out of town. 

New Living Situation 

Unfortunately, life doesn’t always work out as planned and sudden changes can leave you with the need for a new living situation. For example, after going through a divorce you don’t need as much space or you aren’t capable of paying for a larger house all on your own. If you have a new living situation, then moving to a smaller home can make things easier on you financially. 

Downsizing happens for many reasons and often it can improve your circumstances. If you’re looking to sell your home, you should consider a cash sale. These sales are faster, cheaper, and easier. You can move onto a smaller home with less hassle. 

Living Way Properties is a home buying company that can help you sell quickly. Click here and you can receive a cash offer in just 24 hours. 

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