How To Know When It's Time To Downsize Your Home
As a realtor, I help people in all stages of their lives buy and sell their homes. One common question I get is when it’s time to downsize your home. While you are the best judge of whether or not it is the right time to downsize, here are some things to think about to help you make your choice.
Do you have extra, unused space in your home?
If you are an empty nester whose children have moved out, you're probably faced with a few extra rooms that don't get the same use that they used to. Maybe you don't need that third bathroom or second family room in the basement. As your children move out and start their own families, it's a good time to think about downsizing. Getting rid of that unused space will not only save you money but also let you spend the time you used to spend cleaning or doing other upkeep, on things you'd rather be doing.
Are features of your current home impractical as you age?
If your house has a large lawn that requires weekly mowing, a long driveway that needs to be shoveled in the winter, or even multiple flights of stairs on the interior, you should start to think about downsizing. Downsizing to a smaller home will help feel more able to manage the day-to-day chores and can even help you get around easily if you have mobility issues. Many seniors opt for condo living after downsizing their home because the condo fees take care of the things that become harder to do as you age, like gardening and sidewalk salting.
Can you afford the house you're currently living in?
Sometimes downsizing isn't a choice you want to make. Life events such as divorce, death, retirement, and unemployment may require you to move into a smaller space, often because of financial reasons. You need to be realistic about what you can afford and if downsizing to a smaller home or condo makes more sense for your financial situation.
How much could your home's value grow if you stay, and will it cover the cost of a new home if you don't?
Some of my clients often worry that if they leave their house too soon, they could be missing out on a higher profit when it's time to sell the house. Others wonder if selling their home will completely cover the costs of buying a new house. I've found that even if you don't make as much money selling your home as you'd hoped, when you actually do downsize you will have the benefits of saving money on a smaller mortgage, lower property taxes, and smaller utility bills.
Will it cost you lot of money to downsize your home?
Similar to the question above, each person's individual situation is different. When you downsize your home, you often will need to downsize your furniture and get rid of the stuff that just won't fit anymore. One way to avoid losing a lot of money is to make a plan for what will be done with your old things. Plan in advance to hold a garage sale, list furniture on Kijiji, or take some time to pick which items are even worth selling. Maybe your child or grandchild is setting up their own home and that oversized coffee table would be perfect to give to them.
As always, I am here to help!
I hope I've given you lots of things to think about as you consider downsizing your home. If you're wondering what to look for or where to start, I have lots of great advice for things to look for when buying a home - regardless of which stage of life you're in. Please contact me for more information or for any questions you may have.
As for the sale of your current home - I have you covered there too! Dewar Realty's full-service approach will help you get the absolute top dollar for your home.
We Take Care of Everything:
- Renovation Projects
- Professional Staging
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- Your Home SOLD in 15 Days GUARANTEED, or I'll Pay You $10,000*
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