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How to know when it's time to downsize

Posted by Kirby Cox on Thursday, September 8th, 2016 at 4:00pm.

If you're wondering when the right time is to say goodbye to your family home and downsize to a home more suitable for your lifestyle and needs, here's five easy signs.

  • You plan on travelling: if you're nearing a time in your life when you plan on travelling more and more, then leaving a big home just sitting doesn't seem feasible. You can downsize to a home that makes more sense, and then rent it out for the months you are away.
  • The kids have moved out: with your kids moving out and you becoming an empty-nester, you likely don't need the same amount of space anymore. This also leads into the next point...
  • You have empty rooms: if you have rooms in your house (especially bedrooms) that are sitting empty and you can't come up with a purpose for them, then you really don't need them at all. No sense in keeping bedrooms for guests that you may have in your home once or twice a year. 
  • You're still not mortgage-free: if you're still paying off that same mortgage at 50 or beyond, downsizing will help you be more financially stable and get you caught up on things. No sense in heading into retirement debt-burdened. 
  • Too much stuff: generally speaking, the more space we have, the more stuff we have. A clutter-free and more minimalist way of living will help you live a happier life, and another reason to downsize as well. 

Though the pitfalls are many, downsizing effectively can pay off handsomely. You just need to make sure you have a plan, you’re emotionally ready for the move, and you have realistic expectations. Take the time to do your research, and make sure you have a complete and accurate picture of what your life will be like in your new home. Try to figure out any shortfalls before you take the plunge. That way, when you’re ready, you can be sure that the next stage of your life will be just as rewarding as you imagined. [Money Sense]

Do you want to discuss downsizing? Please feel free to contact us to discuss your options. 

Kirby Cox

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