Growing up in a big home with a large family is a wonderful plan for any couple. However, there might come a time in that couple’s life when that big home is more of a burden than a blessing. If that happens, then downsizing should be an option to consider. Downsizing your home can yield many benefits both for your financials and quality of life.
Are you ready to downsize? You might be if you’re seeing these signs:
Struggles With Regular Maintenance
As a homeowner, you are also a kind of handyman. If there is a repair, then you can’t call a landlord. You have to take care of that. Over the years this can mean mowing lawns, cleaning rain gutters, fixing leaky faucets and taking care of any other minor fixes. Of course, the bigger fixes means bringing in professional plumbers, HVAC techs and contractors. The older the home, the more likely those repairs are going to pile up. That can become very costly. The same can be said for keeping a big home warm in the winter and cool in the summer. Are you heating rooms that no one is in?
The Kids Have Moved Out
A big house makes sense for a big family. What happens when those kids move out? If they live close by, then you don’t need to keep rooms for overnight visits. It might also be that their homes have become the new family gathering spots for holidays. This speaks to the central issue of downsizing: Just how many rooms in your home are you actually using?
Spending less on housing gives you more ways to stretch your retirement funds. It could be that you can sell your home and buy a new, smaller home for half the price. That would certainly provide a significant cash infusion for your retirement savings.
It Is Hard to Get Around
The older we get, the more physical challenges there are. Just because you are still active, doesn’t mean climbing the stairs is easy. The same can be said for going down into the basement to watch TV or do laundry. If you want to improve the quality of life, them a smaller home without stairs can go a long way towards accomplishing that goal.
Downsizing can also free up a lot of time. If you don’t have to spend your weekends fixing repairs or cleaning a big home, then you’ll have more time to enjoy the things that matter. It might be time to give downsizing some serious consideration.