While you may have looked to expand into a bigger home when you were young and starting your family, later in life you may find yourself in a situation with too big of a home. It's common for older couples to downsize at some point because they have too much square footage to deal with. Here are some reasons why downsizing may seem right for you.
Lower Your Monthly Costs
If you are finding your monthly bills to be too expensive to keep up with, downsizing may be a good choice to deal with it. A smaller home means that many of your bills will be smaller too. You'll be using less energy to heat and cool your home, the property taxes will most likely be less money, and you could potentially pay for the home in cash thanks to the sale of your larger home. Eliminating your mortgage will be one less expense that must be paid each month, allowing you to save up more money.
Large homes come with a lot of responsibilities. While the big backyard was nice at one point, now you may be looking to do less outdoor maintenance to keep it looking great. The solution will be to move to a home with a much smaller yard, or even a condo where all the maintenance is taken care of for you. A smaller home also means fewer rooms to keep clean, which will cut down on your housekeeping duties.
Reduce Concerns About Security
Are you looking to start traveling more, but worried about leaving your home unsupervised while you are away? Downsizing your home to a condo in a secure building can make you feel more at ease. Letting the building take care of the security means you'll have peace of mind knowing your home is protected. When combined with living on a floor above ground level and nearby neighbors, it gives a condo many advantages over a detached home, no matter what the size is.
Pair Down Your Lifestyle
When you live in a smaller home, it also means that you will be pairing down your lifestyle to accommodate it. This may force you to get rid of clutter that you would normally hold on to, or prevent yourself from buying things that you don't need.
For more reasons on why it's a good idea to downsize, speak with your real estate agent.