The choice to downsize is something that many homeowners face during their lives. Big life changes, evolving preferences, and adjustments in lifestyle can all cause you to consider making the switch to a smaller home. But how can you know for sure? Before you decide to start a new home buying journey and browse smaller homes for sale, ask yourself these key questions.
- Will I be empty-nesting soon? This is one of the main reasons that people choose to downsize their homes. If your children will soon be moving out of the house for good, it might be an economical decision to move into a smaller home.
- Am I able to keep up with maintenance? As you age, it may become more difficult to maintain your home’s features. For some people, it may also simply be too difficult to afford repairs. No matter the reason, a smaller home will allow you to make less of an investment on upkeep.
- Do I use all of this space? You may also decide to move if you simply are not using all of the space in your home. Whether you now have fewer belongings or suddenly realize that simplifying may be beneficial, you might consider buying a house where you feel like you are enjoying every room to the fullest.
- Will it be beneficial to sell my current home? When you decide to buy a house, that often means that you need to sell a house as well. Consider whether selling will be worth it for you at this time. It may give you the financial boost you need, but it could also just pose more remodeling costs than it’s worth.
- Are there any other perks of moving at this time? Remember that moving isn’t just about the home itself. For example, 56% of millennials and 46% of baby boomers prefer living in more walk-able neighborhoods. This switch can be part of simplifying your entire lifestyle to include a smaller home and less use of a car.
Home buying is often part of life, and this process can happen multiple times. When selecting a home for sale, be sure to consider all aspects in addition to size. Just because you are downsizing does not mean you should be downgrading.