6 reasons you should downsize!
In Part 1 of this two-part blog series, I discussed some reasons why some empty nesters might benefit from staying in their current home instead of downsizing. I want to help you make the right downsizing decision for your situation, and sometimes the right decision is not selling.
For others, downsizing to a smaller home or condo makes the most sense. Consider how these factors fit into your equation in your downsizing decision.
Some reasons to downsize:
- Finances: The goal of many downsizers is to reduce their financial burden. Being vigilant about purchasing a less expensive home can save hundreds of dollars per month. These funds can help pay your expenses during retirement, or contribute to your retirement fund if you’re still working.
- Space: How big of a house do you really need? Think about the areas of your house that you use each day, and alternatively which rooms you rarely use. Do you still use your work-out room and office? Do you really need four bedrooms for your kids that visit at Christmas? The goal of downsizing is finding the home that’s the perfect size for you!
- Maintenance time and cost: A smaller home simply has less square footage to clean, repair, and maintain, which can free up time and money to spend on your favorite hobbies. You might consider the benefits of condo-living as the perfect alternative to a single-family home.
- Health: Downsizing allows you to find a new home with features that might be necessary as you get older. Main floor bedroom, fewer stairs, step-in shower, and perhaps wheelchair accessible doorways are all important considerations. Also, the proximity of health care facilities might influence where you want to live.
- Location: Moving to a new home gives you the opportunity to choose your favorite location. You might choose to move closer to family or live in an area more accessible to your hobbies and favorite activities. The walkability of a neighborhood, distance from family and friends, and the vibrancy – or alternatively, the quietness – of a community are just a few factors that might influence the location your new home.
- Belongings: Many of us would feel liberated to get rid of some of the “junk” we’ve collected, and downsizing is one way to help us purge!
There are so many factors that will influence whether or not downsizing if right for you! Especially when you’re preparing to live on a fixed income, really consider what you need and if you will truly use it. If you’re ready to transition to a smaller home, renting is a great way to try out a new neighborhood and test the waters before making a huge investment.
The Garatoni Group understands that this can be a difficult move after many years of living in a home and accumulating memories and belongings. We are known for going above and beyond to help, whether it’s assistance with garage sales or suggestions on staging and decluttering. Contact us for advice, recommendations, and resources to help you decide if you should stay or go.