Trying to determine whether or not you should downsize can be difficult.
In a nation full of people trying to always “one up” each other or “keep up with the Joneses”, you can easily get yourself in over your head when you purchase a car, a house, and everything in between. While having the biggest, nicest or most expensive may seem satisfying for a while, it can quickly become overwhelming. And if it’s your home making you that anxious you may want to consider downsizing.
One of the first questions to ask yourself: “Is it time for me to downsize?”
When thinking about downsizing, you’re really contemplating living a simpler life with less extravagance and less space. First, consider if you’re truly happy with how you live your life. Many people find that, while they enjoy having these extravagant things, they’re not truly happy. They realize outdoing someone else or trying to impress others is a never-ending wormhole. And that may be the turning point.
Next, consider the cost of all these items. Can you really afford the higher mortgage payment? And, because of that payment, are you expensing other living expenses on credit cards or other loans? Do you find yourself with little or no savings? And how much are you able to set aside for retirement.
Another turning point is a change in family size.
Maybe you really did need that bigger home and huge basement when all three children lived with you. But now that they’ve left the nest is it feasible to continue financing that size of a lifestyle?
Does size really even matter to you? Answer this honestly. Is it actually harder now to clean that huge house? Is the lease on that luxury car worth it? Do you ever really use that in-ground, heated pool anymore?
Many people answer no to all of these questions, putting them in great shape to start downsizing. A smaller home is easier to maintain and yard work time gets cut in half. And the reduction in mortgage payments on a smaller, more efficient home can save you thousands of dollars each year.
As you downsize, you can now plow all that extra spend into savings for retirement. And you’ll be more comfortably able to enjoy your home.
If any of this rings true with you contact us today. We can help you sell your home for as much money as possible and in the time you need it sold. And we’ll help you find the right-size home for your life’s next chapter!