Five Sure Signs it's Time To Downsize
December 22 2015 Posted by Guriqbal Chahal, MBA, PMP
As you grow older, your needs will start to change. One of the main things that you may want to consider altering is your accommodation or property. But how do you know when it is time to downsize your home? If you're approaching retirement age, keep reading and see if any of these signs apply to you.
1. You Have Too Much Room
After children have left the home, you may find that you have too much room. Although a family property may have been the perfect size for you when you were growing up, it is likely that a younger family could now make much better use of the space. Sentiment can make it hard to downsize; however, you should remember that the memories of your children's childhoods will remain with you and not with the house. Downsizing could be the much more practical option.
2. You Have Trouble Getting Around
Mobility issues affect many people that are reaching retirement age. If you are struggling to move about your home or walk up and down the stairs, it may be time to consider downsizing to a smaller property that is on one level, such as a bungalow or an apartment. This will remove the obstacle of stairs and make your home much safer.
3. Cleaning is a Chore
Cleaning the home is hardly ever an enjoyable task, however if you are finding it to be a never ending struggle, it may be time to downsize. Home maintenance should be a manageable task and not something that takes over your free time. A smaller property will require much less upkeep, giving you more time to yourself.
4. You're Lonely
Living on your own can be lonely, especially if you have previously shared your home with children or a partner. If you are craving company, it may be worth downsizing and moving to a retirement complex. A smaller property in a complex will still give you freedom and privacy, however it will enable you to socialise with other people who are in a similar situation.
5. You Can't Afford It
Whether it's mortgage repayments or utility bills that are making it hard for you financially, downsizing to a smaller property could be the ideal solution. Downsizing may also enable you to release money through an equity release scheme or property sale. This will give you some room to breathe financially and should also help to improve your wellbeing. If you are considering moving property in order to improve your finances, do make sure that you look into the estimated expense of the new property. You may be able to save money on utility bills in a smaller property, however you may be expected to pay towards maintenance costs if you are in a private complex which may offset the initial savings.
If you are currently in a property that is too large for you, it may be time to contact a realtor to see what options are available to you. Downsizing is nothing to be ashamed of, and it may just be the best decision you make.