Home buying, like life, can be cyclical. Young professionals dream of a first home that is warm and cozy. Then they start having kids… Cue the upsizing! Kids leave the nest and suddenly smaller can be better. Although the traditional notion is that bigger is better, this is not always the case. Below are 4 tell-tale signs that it might be time to consider downsizing.
Approaching retirement is one of the most common reasons why homeowners think of downsizing. Retirement funds are limited and often do not last as long as anticipated, especially as people continue to live longer. Many retirees try to stretch their savings into the wee years of old age, and downsizing can help them do so.
Upkeep Causes Anxiety
Once your home lends more stress than it’s worth, you may want to consider downsizing. Oftentimes, as people age, they are less able to care for their homes the way they used to. Additionally, If one spouse passes and the surviving spouse is left paying all bills, it becomes harder and harder to continue in a large home. This may be a situation where downsizing makes sense. The price of a smaller unit (condo or apartment) is often more manageable for older people, and the responsibility and cost of maintaining the home can be included in monthly fees.
If your kids have moved out and you feel like you are swimming in open space and empty rooms, it may be time for you to downsize. If unused rooms are simply collecting dust and acting as storage, you may consider looking for a more manageable place to live. Maybe, instead of extra rooms, you can invest in a new place with amenities you will likely use, like a pool or a built-in patio grill. Reassessing priorities and realities is key.
If your home has appreciated in value significantly over the years and the money is there for the taking, consider downsizing and investing in your next step!
Do any of these signs seem familiar? Contact the Fineman Suarez Team today at (310) 862-1761 to discuss your potential next steps!