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With over 39 million Americans who can’t afford their homes, downsizing is becoming the best thing you can do for your finances and lifestyle.
Whether you live by yourself in a large family home or with your spouse or family, owning a house comes with a lot of responsibilities and expenses.
If you’re not sure whether or not you should downsize your home, keep reading to learn the 5 telltale signs it’s time to move to a smaller living unit.
Your Home No Longer Fits Your Lifestyle
Whether you want a more relaxed lifestyle with more financial freedom or you need your home to fit your mobility issues or a disability, downsizing is the best solution.
When you buy a forever home, it’ll serve you well for decades, but as you approach retirement or become an empty-nester, consider living in a place that’s better equipped for your needs.
Your Housing Costs Leave No Room for Savings
Running a household means huge expenses, insurance costs, utility bills, and maintenance costs, with nothing left to save. If you’d rather put this money to the side and use them to improve your lifestyle, it’s time to downsize your home.
With a smaller home, you’ll pay lower utilities, have a smaller mortgage payment, and spend less money on maintenance and house fixes. If you decide to downsize to an apartment or a condo, you’ll save even more money.
You’re Retired or Work From Home
If you’re no longer dependent on a location for your job or are retired, downsizing will not only save you time and money, but you can also choose the perfect neighborhood for you.
If you want to live in a different community, area, or city, with downsizing you can do that and choose all the features and amenities you need. By getting a house in a different, more affordable location, you’ll even have extra money to put into savings.
You Want To Convert Home Equity Into Income
Converting your home equity into income is a serious step but if you’re thinking about selling your home, downsizing is the next logical step.
Your best solution for this is working with a cash for houses company so you can get the best deal and get the sale done quickly.
You Have Plenty of Empty and Unused Space
Family homes often have multiple bedrooms and bathrooms, along with tons of storage space and a basement, which is great while raising kids, but becomes an empty unused space when you’re retired or the kids move out.
All those empty rooms that gather dust or become a dumping ground for unused things are a surefire sign you should downsize and enjoy a clean, minimalistic space with rooms you’ll use every day.
Is It Time To Downsize Your Home? Now You Know!
Whether you want to reduce your house maintenance costs or want to retire and live a more relaxed lifestyle, now you know when you should downsize your home.
Discover more home maintenance and real estate tips over on our blog where we post the latest industry news, trends, and updates.