The decision to downsize your home is a big one. You’re effectively closing one chapter of your life and opening a new one. So you want to be sure you’re making the right decision. But how do you know when it’s the right time to downsize your home?
Here are seven surefire signs it’s time to downsize.
1. You have better use in mind for your money
Big homes come with big expenses. Sure, the home itself costs more than a smaller home, so you have a larger mortgage payment, but you also probably have higher tax bills, insurance premiums, maintenance expenses, and utility costs.
When you have kids living at home, you may be happy to pay for the extra space. But is this space still worth the expense to you? Or would you rather spend that money on something like traveling, treating the grandkids, launching a nonprofit, or funding your retirement?
2. You’re tired of the maintenance
Between mowing grass, raking leaves, pruning plants, and shoveling snow, most Connecticut homes come with lots of outdoor maintenance. Then there’s the process of keeping the house itself clean and well-maintained. When you get to the point where maintenance becomes more of a chore than one of the joys of homeownership, it’s probably time to downsize your home.
3. You’ve become more concerned about your impact on the environment
Smaller homes are typically more environmentally friendly than large homes. They require less energy to heat during the cold Connecticut winters, less energy to cool when the weather gets too hot and humid, and less electricity when there’s a smaller space to light.
4. A minimalist approach to belongings is looking more appealing
Are your many belongings starting to feel like a burden? Most of us are amazed at just how much “stuff” we accumulate over years of living in a large home. You probably own plenty of items you’ll never use again. And you certainly don’t want to have to deal with all this stuff as you age (or leave it for your family to sort through at some point). If minimalism looks appealing, downsize your home now while you still have the energy to address all the stuff. Pro tip: consider an estate sale if you’re planning on selling and donating a large percentage of your things.
5. You’re questioning retired life in the house
If you’re recently or nearly retired, you may be wondering if the house will serve your needs as you age. This isn’t just a question of affordability once you’re on a fixed income. And it isn’t just about being able to maintain the property. It’s also about being able to move comfortably around the house. If your current home has lots of stairs, narrow doorways, or a detached garage, it may be time for a change, and there are many senior housing options available to make the most of your retirement.
6. You have rooms you never use
If you have rooms you only enter to clean, it’s probably time to downsize your home. Sure, it might be nice to have a room available for guests. But many of my clients have multiple “guest rooms” once the kids move out. And is it worth the expense and upkeep for guest rooms that rarely get used?
7. You can cash in on some serious equity
Residents of Litchfield and Hartford Counties have seen solid home value growth since 2012, so you may have a lot of untapped equity in your Connecticut home. You may even be able to pay cash for your downsized home when you sell your current home. This is a great financial indicator that it’s time to downsize your home.
When you’re ready to downsize your home, contact me. As the local downsizing specialist, my goal is to sell your current home quickly and for top dollar while simultaneously negotiating the best deal on your new home. I’m excited to answer all your downsizing questions!
In the meantime, please take a look at my free guide to downsizing.
