In our lives, the only constant thing is change. Therefore, as a homeowner, your housing requirements keep changing over time. While common belief has it that you need to upsize your starter home when your family grows, sometimes you need to downsize. Your home that was once perfect and spacious might now seem too large or impersonal. Choosing to downsize can be an uphill task. To make the decision easier, here are clear signs it is time to consider buying a smaller house around West Melbourne:
You are almost retiring.
Retiring means that your income is going to be limited. As a result, you may want your retirement savings to serve you for as long as possible. By downsizing, you can reduce property taxes, utility bills, insurance expenses, and mortgage payments. Therefore, if you are retiring soon and you want to travel, downsizing is a great way to free up your finances so that you can enjoy your work-free years.
You have a lot of unused space.
Setting aside an extra room for your friends, visitors, or family when they come by occasionally is excellent, but an empty basement and three non-occupied bedrooms mean that it is time to downsize. These unused rooms add to property taxes, utility bills, and other costs. It is not profitable to pay for something that you do not need. Save your valuable money and time and spend them on things you enjoy.
You are feeling overwhelmed due to maintenance.
Maintaining a home is no easy feat, especially for big houses. As a result, regardless of your age, you are likely to feel overwhelmed with the care demands of your home at some point. These demands can be physical work like lawn mowing, or they can be financial like repair costs. If the mere thought of maintaining your home gives you a headache, then you should downsize.
You are spending too much money on your home.
Necessarily, you should use 30% of your income or less on your housing expenses. You know that you are living beyond your means if your home expenses are more than 30% of your income. In this case, saving becomes a problem, and you leave no room for adjustment in case your costs increase. Financial changes like job loss or leaving work to raise kids can lead to this scenario. If these changes are permanent, then it is time to downsize.
Your kids are gone, and you want to move closer to them.
Your family home harbours memories of your kids growing up, which may make you sad since they have grown and left home. You may want to get rid of these memories by downsizing. Further, if the distance is keeping you from spending time with them, then downscaling can solve this. By downsizing, you will not only be closer to your family, but you will also avoid travelling challenges.
By downsizing, you will enjoy a humble home, lesser costs, financial, and social freedom. You can visit places and spend time with your family. Keep these signs in mind to know when to start searching for your next home.