Downsizing to a smaller home can have a significant impact on your lifestyle and financial goals. Here’s how to know when the time to downsize is right:
- You have unused space
- Maintaining the house is overwhelming
- Your monthly expenses are not sustainable
- You want to simplify your life
- You’re going through a major life change
- Retirement
Every room in the house should serve a clear purpose, whether it’s for a home office or an extra guest bedroom. However, if you’ve noticed that certain rooms are gathering dust, it may be time to start looking for a smaller home. Having unused space in your home wastes time, money, and energy, especially since you’re still trying to keep it clean and in good condition.
You are responsible for the upkeep of your home. From repairs to day-to-day cleanups, there’s a lot of work involved in keeping your home in tip-top shape. Should the cost and physical work of maintaining your home take a toll on you, it’ may be a sign that it’s time to move on to a smaller property that’s easier to maintain.
Due to their size, large homes tend to have higher utility bills, mortgage payments, and monthly maintenance costs. According to an article by Millionacres, the amount you spend on your housing and living expenses should not go beyond 30% of your take-home pay. If you find that maintaining your home costs more than what you can afford, it’s time to look at a smaller home that won’t break the bank…or your back.
With a smaller home, you can also save on heating and cooling costs, property taxes, interest payments, and insurance.
If you want to live a simpler life, downsize. If you have limited storage space, you’ll think twice about making impulse purchases and hoarding things you don’t really need. Having a smaller home also reduces the amount of time you spend on upkeep. Therefore, you’ll have more time to enjoy activities that matter to you like going on longer walks or trying out a new hobby.
If there’s one thing in life that’s inevitable, it’s change. Whether you’re relocating for a new job, moving out because of a divorce, or your children have all flown the coop, you’ll seriously need to think about settling into a new environment that accommodates the changes in your life. A smaller home may be the answer to your new situation.
Over time, you might realize that your house is no longer suitable for your health and mobility needs. You might find it harder to get to your bedroom on the second floor. Or you may need ramps to access a bathroom. That’s why you need to consider moving into a home that’s smaller, safer, and one that suits your particular needs.
Are you ready to downsize to a smaller home? Get started with Coldwell Banker Lake Chelan Properties, the number one team to call when it comes to Lake Chelan real estate. Call 509.682.7777, or send an email to [email protected] today.