Buying and living in a big home has its advantages, but the advantages may fade after some time. It may make more sense to move into a smaller home when that time comes. Here are some of the signs that you are ready to downgrade your home's size:
Your Children Have Moved Out Of the House
Most families move into bigger homes when their families grow, for example, when they get more children. The opposite may also be necessary when the size of your household grows. Maybe you bought a big house when you had three kids in the house but two have already moved into their own homes and the last one is in college. In such a case, you may find yourself with extra bedrooms that you don't use anymore, but still need to clean and maintain. If you find yourself in such a situation, selling the big house and buying a smaller one may be a wise move.
You Are Low on Finances
A big house costs more money, even if you have completed the mortgage payments, than a smaller house. Here are some of the things you will spend more on if you are living in a big house:
- Utility bills (heating and cooling a big house requires more energy than a small house)
- High maintenance costs
- Property taxes
- Home insurance premiums
Apart from savings realized from cutting down on the above expenses, moving to a small place can also help you financially by freeing up the equity locked in the property. Even if you aren't low on finances, moving to a smaller place can free up some money that you can use to enjoy life. For example, you can use the money to travel or pick up an expensive hobby that you have been putting off for a long time.
You Are Dealing With Mobility Issues
Lastly, it may also be a good decision to move into a smaller house if you have developed mobility issues. Maybe you have grown old, have gotten sick or got injured in a car accident and find it difficult to move around the home. If you can't navigate the stairs, tend the garden, clean the house as well as you use to do, then living in a smaller house may be safer and more satisfying.
As a homeowner, downgrading involves selling your current home and buying a smaller one. You should remain with some money from the sale of the bigger house, but only if you handle both processes efficiently. Use an experienced realtor to help you find a single family home for sale.