A big home might seem ideal for most, but it begins to feel like too much space. While most homeowners that choose to downsize are in their late 50s or early 60s, millennials are now more likely to downsize their homes. There are many benefits to downsizing your home, but you might wonder if it’s the right time to downsize your home.
If you are thinking about downsizing your home but are unsure whether you should, read our list of six signs that it’s time to downsize your home.
Six Signs it’s Time to Downsize Your Home.
You might be hesitating about whether it is time to downsize your home, but the signs below seem like the universe telling you to do it and can be the push you or your loved one needs to downsize your home.
1. Maintenance is Too Much Work
One of the early signs that it’s time to downsize your home is when it gets too tough to maintain the large house by yourself. The maintenance includes tidying up the place, making repairs, and renovating. This can get physically exhausting and affect your bank balance and mental health.
One of the main reasons older people tend to downsize their homes is that when they lived as a big family, it was easier to divide up the chores. However, becoming empty nesters with a big house to look after can be troubling.
2. You Can’t Afford to Keep the Home
The larger the property is, the greater the cost. The cost of maintenance and mortgage alone can take a toll on your finances. This isn’t necessarily because the house is getting expensive, but it can also be because you’ve changed jobs that pay less or you’Ve encountered extra costs.
One of the significant signs that it’s time to downsize your home is when the mortgage is more than 30% of your monthly income. A survey of over a thousand homeowners who downsized their homes revealed that almost 70% of them did so to save money.
Moving to a smaller home can help lessen the burden on your monthly costs by a considerable amount.
3. You’re Not Using the Extra Space
One thing that differentiates a hoarder from someone who isn’t one is that they know to let go of something when they have no use for it. The same principle applies to homeowners. Starting, you might have found some use for the extra space in your home, but now you have a bunch of free space with nothing to do with it.
For example, if you have a loved one who faces problems walking or moving, t would be better to have a smaller home. For instance, if your home has a staircase that is becoming harder to climb or the distance you have to move from your room to the kitchen is too much, you can consider downsizing.
When downsizing, you can get a space-appropriate property that you can utilize. This helps you declutter quickly and not have to pay for space you are not using.
4. You Want to Move
Moving homes don’t generally mean that you should downsize, but there are practical benefits when you downsize when moving. You might be moving to live closer to your loved ones or your job and move to a more expensive area.
For example, if you sell your home in New York and move to California, the cost of living will increase by 4.3%, while the average home costs will increase by 25%. With such a considerable cost gap, it is more practical to consider downsizing your home to afford the move.
5. The Value of Your House has Risen.
One of the reasons most homeowners hesitate when downsizing is because they would lose money when selling their homes. However, a significant sign that it is time to downsize your home is when the value of your house rises.
According to data collected by St.louisFed, average sale prices are rising considerably over the years after the covid-19 pandemic. Now is the best time to sell your home and move to a smaller one. Even with the price of your smaller home, you will still get a profit.
6. You Have a Great Real Estate Agent
Most homeowners are not well adept in real estate trends, but this changes when you have a great real estate agent to help you. A professional real estate agent has the knowledge and expertise to sell your home for the best price and find you a great home to downsize.
A great real estate agent, such as Robert DeFalco Realty, prioritizes the wants and needs of the client. Hence, you can rest assured that it is time o downsize your home when destiny sends you a helping hand.
Benefits of Downsizing Your Home
If you are unsure whether downsizing is the right option for you, read the benefits of downsizing below.
- You spend less. Downsizing helps you cut off the cost of maintaining the extra space that you are not using.
- It’s easy to maintain. Doing chores and repairs in a smaller home is easier and less expensive than in a big house.
- Lower utility bills. The costs of heating and cooling the entire home can exceed and seem like a waste when you are not even using the temperature-regulated space.
- Less Stress. A smaller home means smaller responsibilities and worries about the costs, chores, repairs, and more.
- Fewer injuries. Smaller homes reduce the chances of injuries for your loved ones who have trouble walking.
- Additional Funds. Selling your home can provide additional funds you can invest or use in another project.
How Robert DeFalco Realty Can Help
If you think it is time to downsize your home in New York, Robert DeFalco Realty can help you sell your current home and buy your new home. With over 35 years of experience in real estate, Robert DeFalco Realty has trained real estate agents that can help you every step to a better home.