If any of the four signs covered in today’s message are true to your homeowner situation, you ought to consider downsizing.
For many, the natural progression of homeownership means eventually upsizing into a larger home. However, certain factors may indicate that simplifying and moving into a smaller home is actually the better option. Here are four of those indicators:
1. Retirement. All that free time in retirement allows for frequent traveling, and retirees want to have the freedom to do so when they want. Therefore, having a turnkey property is probably more in line with a retired person’s needs.
“The expenses you’re paying on unused space is money that could be directed toward something more worthwhile, like a vacation.”
2. Too much anxiety. In my conversations with homeowners, I sometimes learn that anxiety is weighing on them. Along with the usual stresses of life, it’s not uncommon for these folks to tell me that keeping up with the house, yard maintenance, and other household responsibilities factor into that. This is a piece of the puzzle that can be adjusted through purchasing a smaller home.
3. Unused space. Maybe there’s space in your home that you’re simply not using. Think of all the extra expenses you’re paying on that space: taxes, utilities, and the list goes on. You could be directing that money toward something more worthwhile, like a vacation, for example.
4. More opportunities and appreciation. There are sometimes windows of opportunity in our market that allow sellers to realize great appreciation on their home. If you’re looking to sell and downsize, acting within this window might be the difference in you realizing those gains tax free.
If any of these points ring true for your homeownership experience, if you have questions about possibly downsizing, or you have any other real estate-related questions, please call or email me today. I look forward to speaking with you!