The aging process brings with it many changes, and not just in the body and mind. It also may make the home you’ve lived in and raised your family in all these years difficult to manage as you get older.
Of course, leaving a home so full of memories can be difficult, but if your home has brought you more stress over the last few years than good memories, it might be time to consider downsizing. Below are eight signs it’s time to put your home on the market and look for something smaller or less expensive.
1. Your Monthly Home Expenses Exceed the Recommended 30 Percent
Financial experts recommend spending no more than 30 percent of your income on housing expenses including mortgage, insurance, taxes, upkeep, etc. Stressing over your monthly housing expenses takes a toll on you physically and mentally, so downsize as soon as possible to start spending less and saving more.
2. There’s Nothing Left After Bills are Paid
Retirement means having the time to do the things you enjoy, but if you have nothing left after paying all your bills, retirement won’t be all it’s cracked up to be. If you have little left after paying bills to enjoy life, it might be time to downsize.
3. Upkeep On Your Home is Difficult
This one is a no-brainer. If maintaining your home is becoming harder and harder the older you get, finding a smaller home with less upkeep is a smart move.
4. Your Home Isn’t Ideal for Aging in Place
As you’ve gotten older, you may have mobility limitations that your home can’t accommodate easily. You can install handrails, better lighting, and carpeting over hard floors, but features like stairs and narrow doorways cannot be renovated easily to accommodate mobility limitations. If you find it more difficult to get around your home lately, selling it for something more user-friendly makes sense.
5. Your Neighborhood Doesn’t Fit You Anymore
When you bought your current home, you likely chose it for its proximity to work or its convenience factor to the bustling community around it. Now that you’re older and sans young kids, the neighborhood just doesn’t fit you anymore.
Downsizing your home and its neighborhood will help you save money, as well as age in place comfortably.
6. You Need Retirement Income
Equity is one of the biggest reasons people own a home. The longer you own and pay for a house, the more equity it accrues. Downsizing allows you to tap into the equity you’ve built up in your current home and use it as retirement income to pay bills or enjoy life.
7. You Can Live Anywhere
Retirement often means you aren’t tied to any particular place. This means you are free to move anywhere your heart desires. If this sounds good, now is the right time to downsize.
8. You Have Several Unused Rooms in Your House
If you have several unused rooms in your home, it’s a sure sign that you have too much space. Downsize to something that fits your needs better to reap the benefits.