When Should You Downsize your Home?

DownsizeIt’s easy to know when you need a bigger home – when you outgrow the place that you’re living, it becomes almost impossible to ignore the fact that you need more room. Unfortunately, the opposite isn’t always as apparent. Here are some tips that will help you determine if now is the right time to start looking for a smaller place to live:

You’re Feeling Overwhelmed

There are two ways that a large house can make you feel overwhelmed: physically and financially. If you are having trouble caring for a large property, and don’t want to hire outside help to keep everything in good shape, then you may need to go somewhere smaller that you can keep up with without exhausting yourself.

Similarly, a house that is too big can be draining on your bank account. If your rent check or mortgage payment is putting too large a burden on your finances, you should consider moving somewhere cheaper. This could be to a smaller place, or to a location that isn’t as in demand.

There are Unused Rooms

If there are any rooms in your home that are simply collecting dust, you might want to move to a different place that will fit your family’s needs, without being wasteful. The other option for these unused rooms is to transform them into more useful spaces – for example, take a spare bedroom and make an in-home fitness room or a crafting space.

The Market is Right

In some cases, the housing market in an area is just too good to pass up. You know how much you paid for your home, and (for most homeowners) there is a number that, if put on the table, would be enough motivation to move. After all, the profit that you can make on a home can be quite useful, especially if put toward a retirement fund.

The Kids are Moving Out

If you have kids that are getting ready to graduate high school and start college in a year or two, it may be time to start thinking about moving to a place in your area that’s better suited for a smaller family.

It should be no surprise that a family of five needs more room than a family of two, but you would be surprised as to how many people keep a large house even after several kids leave the nest. Also be sure to read our previous blogs about college safetypacking for college, and financial planning.

You’re Ready to Retire

If you’re going to retire, you will want to examine two different things. The first is where you want to live. Some people want to live closer to family, while others want to move to a place that doesn’t get as much snow in the winters. The other thing that you need to look at is how large of a home you need. If you downsize, you may be able to pay less, and keep more of your retirement fund for vacations, treating the family, and other activities, instead of tying it up in rent or mortgage payments.

When you’re ready to make the move to a smaller place, make sure to call the insurance experts at Vargas and Vargas insurance agency. One quick call to 617-298-0655 can help you cancel the insurance on your old home, and get a quote for a new Massachusetts home insurance policy for the home of your dreams, complete with all the discounts, of course!

Photo credit: mrkumm / Foter /Creative Commons Attribution 2.0 Generic (CC BY 2.0)

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This entry was posted in Financing, Home Buying, Home Selling, Homeownership, Market Conditions and tagged , , , , , , . Bookmark the permalink.

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