When to Downsize Your Home

The normal path to homeownership is often to upsize—many people get married, buy a starter home, have a child, and then buy a bigger home as their family grows. However, sometimes it makes sense to downsize to a smaller home. Here are the four signs that it might be time for you to downsize:

1. Retirement. This might seem like an obvious one, but think about it: When you retire, you’re living on limited resources, so why not cash out on that big home, move somewhere smaller, and pick up those savings?

2. Too much anxiety. This could be that the general upkeep of the house has gotten overwhelming, the mortgage has gotten too expensive, a divorce has occurred, a spouse has passed away, or something similar. These are all cases where downsizing is the correct option.

“We are in a seller’s market, and we’re seeing homes sell at record prices.“

3. Unused space. If you have a library and a formal dining/living room that are neglected spaces you pretty much only use for storage, this may be a good sign it’s time to move to a smaller place that makes more sense for your lifestyle.

4. Financial opportunity. Perhaps your house has appreciated and you can take out some cash. We are in a seller’s market, after all, and we’re seeing homes sell at record prices. Maybe it’s time for you to downsize and buy that luxury condo you’ve been eyeing.

If you have any questions about downsizing or buying or selling homes in general, don’t hesitate to reach out to me. I’d love to help you!