It can be challenging to know the right time to downsize your home. It can be a very emotional experience. Your home is full of memories of raising a family and sending young adults out into the world. You spent good days and bad in there. You’ve laughed, cried, and celebrated. So, it’s understandable that when you’re moving towards retirement. you might be reluctant to leave behind the sanctuary that has played such an important role in your life. Knowing the right time to make your move is critical. Avoiding a decision can often result in health issues forcing your hand. Houses can become too big to maintain and take a physical toll when you mow lawns or climb ladders to fix a leaking roof or clear leaves from gutters. Based on real situations, we’ve been able to make a list of signs that tell you it’s time to downsize. We hope you find them useful.
Do you feel like you’re rattling around in your home?
Once everyone has moved out, it can often feel like the house has become too big. Rooms are never used and only cleaned because they collect dust. You may find you’re living in a particular part of the home, often to contain utility bills. If this is you, then it’s definitely time to explore your downsizing options.
Do you feel overwhelmed by your property?
This is another issue that crops up regularly. Feeling overwhelmed by the maintenance required in a larger home quickly creates stress and that’s not good. Everyday tasks such as cleaning or sweeping walkways and patios become burdens. The idea you have to climb a ladder for a simple maintenance task might fill you with dread.
If you feel you cannot look after your home as you once did, then downsizing is your wisest course of action. Once you decide to act, you’ll be amazed at the relief you’ll feel.
You can never find what you’re looking for?
This is a significant frustration for many. Their memory isn’t necessarily failing, but it’s common to struggle to find car keys or credit cards in a large home when there’s so much opportunity to put them down carelessly. Of course, you can overcome this challenge by being more organized. However, we all know that’s easier said than done!
Are the stairs becoming harder to climb?
Time catches up with all of us eventually, and you don’t need to be wielding a walking stick to start to find stairs are harder to climb or to descend first thing in the morning. Your home shouldn’t become an obstacle course. If you’re having trouble getting around the property, then it’s time to leave.
Will you travel more in retirement?
If you’re planning to enjoy long trips, especially in retirement, then carrying the cost of maintaining a large, empty property doesn’t make sense and becomes an added stress to come home to. It would be best if you considered a smaller home and even think about moving into an apartment or condo with security to reduce any concern on that score.
Parents can also set up a Junior ISA at thechildrensisa.com so they can enjoy retirement without having to worry about their children’s future. Those who have invested in real estate properties as part of their retirement portfolio must not forget to update their estate plans and plan ahead for the succession of these assets. Those who need help in estate planning for blended families may look for a lawyer who has sufficient knowledge and experience.
Do you have the “utility bill blues?”
Retirement is a wonderful time of life, but it usually cuts into your cash flow. Spending money on heating or cooling your entire home is wasteful when you use only a percentage of it. We have worked with many people who became more stressed by these quarterly bills than anything else. If this sounds familiar, it’s a smart move to act. If you buy wisely, a smaller home like a condo or apartment, especially one in a complex should reduce your outgoing cashflow. Your costs will be more consistent, too, and that will help with your household budget.
When you decide to downsize, you may need to rent a storage unit from a self storage facility for a short while until you determine what to do with your belongings that will not have space in your new home. You may ask your neighbors or your real estate agent for recommendations on self storage facilities.