Signs You Need To Downsize
Our lives are dynamic, constantly changing from one situation and lifestyle to another. What once might have been an interesting career choice or hobby may now seem too overwhelming and no longer enjoyable. The same applies to your family home.
After a while, when the kids have moved out, your home might seem too large, too impersonal – just too much. There’s nothing wrong with that either; it’s a common theme and feeling many baby boomers feel. And it’s one of the several reasons that indicate that it could be time to downsize your home into something more comfortable.
If you notice any of these five clear signs, then it might be time for you to start moving!
Five Signs It’s Time To Downsize
Significantly Life Changes
We touched on it above, so it makes sense to start with it. Major life changes, such as the kids moving out, retirement, changing jobs, and unfortunately, losing loved ones, can be an indicator to move out and start a new life in a new home.
It doesn’t matter the reason for it, but if you feel that your life is going through or about to go through a seismic shift, then it’s time to consider whether your current home matches your new needs.
You Feel The ‘Need For Change’
Sometimes, you just need different things. Living in the same household for several years in the same neighbourhood might not give you the same joy that it once had, particularly if it correlates with significant life changes. You could aim to simplify your life, remove items from your everyday situation, or move to an area that offers you more things to do, such as hikes, beaches, and so forth.
If you feel that change might help you kick-start your life, then do it. The rejuvenation you’ll feel when moving to a new home and area, be it a retirement village or a luxury condo, can give your life the zest it needs.
Maintenance for the Household is a Struggle
If the physical activity of maintaining your home is becoming intimidating, or if you are avoiding particular chores due to the difficulty, then it could be time to start looking to change homes.
While every home requires some maintenance that you don’t enjoy doing or requires professional experience, if you are struggling to get it done, it can deteriorate the quality and care of your household. That ultimately leads to a reduction in home value, and worse, increasing dangers to yourself. If household chores and maintenance are becoming too much, it’s time to move on.
Monthly Income is No Longer Feasible
How do you plan to retire if you don’t have enough money to do so? Specific lifestyle and household expenses, such as subscription services, maintenance and constant repairs, might blow your monthly income out of the water, making it infeasible to live in your current home.
But if you downsize, you’ll reduce the month-to-month cost of living as smaller homes require less work and maintenance. You can also earn some extra money from the sale of your current home, and if you can, you can also rent out your existing property, using the rental income to support your lifestyle. There are ways around your current expenses, and it starts with downsizing.
Your Current Home is No Longer Safe
The older you get, the more potential issues you could face with living and maintaining your household. Seniors and retirees with health issues are at risk of falling or injuries, particularly if their homes are large, cluttered and with multiple storeys. The same applies to everyday activities, such as showering and walking up and downstairs and into doorways.
Do these areas have rails or handlebars for support? Are the doorways large enough to allow for wheelchair or walker access? You may have to make tough realizations about how your body will hold up to the demands of your current home. If so, it could be time to downsize into a smaller, safer home or move into an assisted living facility.
If you notice any of the following signs, it could be time to downsize. Speak to your family and friends to get their advice before counselling a financial professional to discuss your options. You can restart your life by moving into a smaller, more comfortable home.