Lately I have been working with quite a few couples looking to downsize their home and seek a new place to live. In many cases they have lived their lives for many years and have raised their families in their homes. For many people it is a struggle of when it is time to downsize their home.
I just talked to a couple I just helped recently. We sold their home of 38 years and purchased a very nice townhouse in an over 55 community. The move occurred about 4 months ago. So I asked them what they were really enjoying the most about their move. Both of them said the maintenance…. mowing the lawn, keeping the gardens weeded, power washing the house, etc… For them the regular upkeep on a house that was twice as large as they really needed was weighing them down.
Now the decision to downsize is personal…. very personal. But here are a few of the popular reasons that many people might feel when it is time to downsize.
Five Reasons it Might be time to Downsize
Retirement is certainly the number one time many people decide it is time to downsize. For many, downsizing is part of an overall financial plan to help reduce expenses and make the most of their retirement savings. A smaller property will help reduce maintenance costs, taxes, insurance and even mortgage payments.
When you are living in a large home the maintenance can some time feel overwhelming. Now that the family is gone, you may have no need for the large yard and a large house. The motivation to spend hours mowing the lawn, weeding the gardens and maintaining a large home may be gone. If the maintenance is overwhelming you a condo could be a great alternative.
I just met with a couple that had 8 children all gone and out of the house. They have a home that is 6 bedrooms and over 4500 square feet. They live in the kitchen family room and master. Most of the house is shut off. While financial concerns are not high on their list, they are still paying a lot of extra money to heat and maintain a home they are barely using.
Move Closer to Family
I run into many folks that have decided they want to be close to family where its their children or often times their grand children. Once they make their decision to be closer to family they now take the opportunity to take advantage of downsizing their home to reap the benefits of one gets from downsizing.
The sale of your home will reap huge profits
For some, especially in high priced areas like Massachusetts the sale of a home can reap huge profits. They have lived in their home for 30, 40 or 50 years and have never used the equity in their homes. On top of that home prices have appreciated so much in that time they are sitting on a large chunk of change.
When we are raising are families or are working hard our lives are filled with commitments and not much else matters. As children move on or you slow down at work you find you may have a lot of times on your hand. Selling that big house with an two acre lot in the middle of no where, could allow you to move closer to important amenities. Downsizing can give you the opportunity to move closer to shopping, activities, family, doctors or even becoming more involved socially,. I have known people who move to an adult community for activities and involvement with peers with similar interests.
Now downsizing might not be for everyone. There are plenty of people who want to stay put just for the security of what they know. But I am sure at some point everyone goes through the thought process of what would the benefits be of downsizing be. Of course I listed the 5 most popular reasons why people consider when is it time to downsize, but the list could be longer and everyone’s circumstances are personal.
As always if you are considering downsizing talk to a local REALTOR that has experience.