Is it time to downsize? 6 reasons you should stay put!
After the kids have flown the coop, empty nesters find themselves facing the decision of whether they should stay in their current home or downsize to a smaller home, townhome or condo.
As a Realtor, I understand that every homeowner’s situation is unique. While it makes sense for many to sell and move to a smaller home, others would benefit from keeping their current home and aging in place. I want to help you sort out the pros and cons of both, even if it means that you decide not to sell.
In this two- part blog series, I will discuss some of the factors that influence this difficult decision. Below are some valid reasons why staying in your current home make sense. Also, check out Part 2, where I discuss how these same factors might influence an empty nester to downsize.
Some reasons to stay:
- Finances: A smaller home is not necessarily less expensive. Location and amenities can play a huge part in the cost of the home. Be sure to figure out your actual savings of downsizing by crunching all the numbers, including possible cost savings in utility bills, taxes, and insurance. You might find that your current home is more affordable than you thought.
- Space: Bigger is better? If you love to entertain, or plan on frequent stays from family or friends, your current home might be the perfect size for your lifestyle!
- Maintenance time and cost: Perhaps you enjoy DIY projects, or find mowing your grass to be therapeutic. If so, downsizing to a condo is likely not your cup of tea!
- Health: If you’ve lived in your home for a number of years, you’ve likely found doctors and dentists that you respect and trust. Even knowing that you’ll find new health facilities at your new location, it can be hard to leave your trusted health care professionals. Instead of downsizing, you might prefer to update your current home to make it more accessible as you age.
- Location: Familiarity with your neighborhood can be an important factor to consider. Over the years, you’ve discovered your favorite stores, parks, and restaurants, not to mention the relationships you’ve formed with your neighbors and nearby friends.
- Belongings: Is your home filled to the brim with belongings you’ve accumulated over the years? Moving to a smaller home might require that you reduce the number of your treasured collections.
Downsizing decisions can be overwhelming, but the critical consideration is your quality of life. To help you make a good decision, ask advice from trusted friends and professionals. The Garatoni Group can share experiences from clients and the lessons we’ve have learned. Contact us and we’ll give you an honest, professional opinion of what makes sense for you!