Are you afraid to downsize your home? In today’s market, there’s a lot of emphasis on going big or going home.
In fact, real estate professionals want you to go big IN your home. A bigger house is a better house, and you should always aim for one with more space, a larger yard, or that third car garage. For many Americans, downsizing their home can provide a range of benefits.
Can moving into a smaller home make your life better? We’re sharing seven signs that downsizing is right for you.
7 Signs You Should Downsize Your Home
- Your Housing Expenses Are Over 30% of Your Income. According to the US Census Bureau, individuals who spend more than 30% of their income on housing expenses are considered “financially burdened.” Housing expenses aren’t just rent or mortgage payments—they include taxes, yard maintenance, utilities, and more.
- You Don’t Have Enough for Savings or Recreation. Your mortgage is usually your biggest expense each month, and if it’s eating enough of your income that you can’t save aggressively or even go see a movie once in a while, that’s a sign you need to lower that mortgage payment.
- Your Home is Behind on Maintenance. As you grow older, busier, or bigger as a family, it’s easy to fall behind on household maintenance. We don’t just mean things like cleaning out your gutters and replacing air filters. Maintenance can also include replacing out-of-date appliances or flooring, which will be an expensive fix when you finally need to sell.
- Your Home Doesn’t Suit Your Life. Many empty nesters find they no longer need several large bedrooms now that their kids have moved out. Perhaps that huge yard was great when your kids were small, but now they’re teens who never go outside. You’re paying a lot every month for spaces you don’t need or use.
- You Don’t Live Near Peers. If you’ve become the oldest (or youngest) resident in the neighborhood, it can be a detriment to your social and emotional health. Moving to a retirement community of your peers or a neighborhood with homeowners your age can make a significant improvement in your daily life.
- You Need Your Equity. When it comes time to retire, many people find that they don’t have enough money. Maybe you want to invest more or start a new business. Selling your home to access your equity can be a lucrative choice.
- You Don’t Need to Stay for Work. In the age of Covid-19, many workplaces have gone fully remote. Whether your job allows remote work or you’re retiring and don’t have to worry about a job anymore, you may find that moving to another city or state is the right option for you.
You don’t need to see all these signs to downsize, but at least one of these signs should be enough to start exploring different possibilities.
Texas Sell Now Can Help
When you’re ready to downsize your home, for any reason, we can help. If you’re a resident of Dallas or Fort Worth, Texas, Texas Sell Now can provide a rapid solution to selling your home so that you have a better living situation. See what we can do for you.