You may have bought your current house to raise your family and wanted to be in a specific school district. Or you may have preferred a large yard or a pool. Now, the house might not be suitable for your current circumstances. This is where downsizing comes into the picture.
You might choose to downsize because you no longer need much space as you once did. When done right, downsizing into a more suitable Charlotte, NC home or condo can have many benefits. If you're an empty-nester, there are many reasons why downsizing can be a good idea, but one of the most important is to avoid the upkeep of a large home.
While the reasons for downsizing your house may be exciting, the process itself can be daunting and challenging at times. So, when is it time to downsize? In recent years, if owning your current house has brought you more stress and concern than joy and comfort, it may be time to sell. Here are nine signs that it's time to sell your home and downsize.
How Do You Know When It’s Time to Downsize?
If you've reached a point where you're feeling overwhelmed, or simply believe you could spend your time or money more wisely, it's time to downsize.
It's not always true that bigger is better. If you can't recall the last time you walked inside your guest bedroom other than to dust, it's time to downsize.
Is Now a Good Time to Downsize Your Home?
Now is a good time to downsize your home as it will save you money. You will make a profit from the sale of your present house, and will save money in the long run because you will not pay as much to upkeep your new home.
Heating and cooling a smaller home is far less expensive. In a smaller home, there is usually no wasted space, such as vaulted ceilings. The amount of energy consumed is reduced when there is less square footage. In addition, reduced energy use is beneficial for the environment and contributes to a greener home.
Downsizing to a smaller house means less maintenance, reduced bills, and more time to pursue your passions. It's a cost-cutting and time-saving exercise. If you're downsizing later in life, it means you'll be able to choose a home that will better meet your needs as you age.
It's common advice for empty nesters to downsize their houses, and it makes sense. Even if your house is paid off by the time your grown children leave, downsizing can save you a lot of money on things like property taxes, insurance, and maintenance.
There are other signs, however, that it's time for you to downsize.
SIGN #1: Your Neighborhood No Longer Fits Your Lifestyle
The location of your home might be just as essential as the amenities of the property itself. Perhaps your neighborhood was densely populated with small children when you purchased your home, or it was close to the top schools.
Those aspects of the area may still be true, the neighborhood may have been perfect for you in the past, but now, it may no longer meet your needs.
You might feel a little out of place in your current neighborhood, and you'd like to relocate to an area where there are more people your age and more options for socializing.
SIGN #2: Your Home Feels too Big
Since we're on the subject of blending into your lifestyle, if your home feels too big for your current lifestyle, then it’s a clear indication that you may need to downsize. Don't forget that having a smaller home means having fewer bills and obligations.
When you have children, a four-bedroom home may be necessary because everyone needs their place. However, once the kids have gone out and you no longer require a separate space for your workplace, all of those rooms are no longer needed.
If you discover that certain rooms in your home are no longer being used, it may be time to consider downsizing to something more manageable. Now, if you just use a few rooms in your house, you might be able to get away with a smaller space.
SIGN #3: Cleaning and Housekeeping Are Becoming Too Much
The bigger your house, the more of it there is to clean. Do you ever spend an entire day cleaning or tidying your home? Do you find it difficult to get to all of the places you need to clean? If this is the case, consider downsizing.
A smaller home is usually considerably easier for seniors to clean and maintain — not to mention safer. A smaller house can mean the difference between spending an entire day doing something you despise and spending your days doing anything you want.
SIGN #4: Lawn and Yard Upkeep Is a Hassle
Do you have a huge yard with a lush garden, a pool, and grass that always needs mowing? Do you despise doing it yourself or paying someone else to do it? If you don't spend much time in your yard or use your outdoor spaces, a home with a smaller yard may be more suitable.
Consider your needs - if you enjoy gardening, make sure you have enough room. If you want to sit on the porch with a cup of coffee and a good book, look for a smaller property that allows you to do so.
SIGN #5: You Want to Travel More and Go On Adventures
If you feel that being a homeowner prevents you from traveling, it may be a good idea to consider moving so that you can have the freedom to see more of the world and meet new people. You might either sell or rent your current home to generate some cash to aid you with your travels.
SIGN #6: You're Looking for a Change of Scenery
If you want to move to the beach or the mountains, consider that properties there may be more expensive than where you are now.
However, if you downsize and accept that you’ll have less room, you can make your desires come true. Every day, you can wake up in a beautiful, vacation-like dream.
SIGN #7: Unsustainable Monthly Expenses
As property values rise, some homeowners' tax burdens climb considerably. This is especially tough for those on fixed incomes. In general, a smaller residence equates to lower monthly expenses. Mortgage payments are typically lower, maintenance expenditures are lower, and utility bills are almost always lower.
SIGN #8: You're Getting Bored and Down in the Dumps
If you don't have many visitors or spend most of your time alone, downsizing may be a good option for you. Consider relocating to a senior living community with plenty of activities, services, and amenities, as well as opportunities to socialize, closer to town with public transportation and things to do, or closer to friends and family so you can visit.
Showcase Realty can help you downsize and find luxury homes for sale in Charlotte, NC.
SIGN #9: You Desire Peace of Mind
If you value this, relocating to a senior living community or assisted living can give you the care you require, regardless of your demands. You won’t have to be concerned about hiring someone to come, look after you, or having friends and family do it for you. Instead, you can relax and enjoy the peace of mind that comes with knowing that everything is taken care of for you.
At what age should you downsize?
According to data conducted by Retirement Move, the ideal age to downsize is 64. Downsizing at this age allows you to get the most out of your home while avoiding relocating stress and physical labor.
Why Is It Time to Downsize?
In general, a smaller residence equates to lower monthly expenses. Mortgage payments are typically lower, maintenance expenditures are lower, and utility bills are almost always lower.
If the idea of reducing month-to-month spending appeals to you, it may be time to explore downsizing.
Downsizing opens up new possibilities for empty nesters as they transition to the next chapter of their lives—renewing their independence and personal time while still generating profit from selling their last house. Are you looking for the best real estate agent in Charlotte, NC? Contact me, Nancy Braun of Showcase Realty, and I'll help you transition and downsize to your new home with less hassle while getting the best deal possible. Call us at 704-997-3794.