When Should You Downsize Your Home? – Fridays with Fred

    When Should I Downsize My Home?

    Are you planning on retiring in the near future, or have your children have grown up / moved out and you’re thinking about downsizing your home? If so, you’ve come to the right place!

    In this article we will provide you with several tips you can use that will help you to know when it’s time to downsize from your current home and move on to a smaller property.

    When to Downsize

    The reality when it comes to downsizing from your current home to a smaller property is that there really isn’t a specific time that’s right for downsizing. Why? It all depends on what stage in life you’re in and if the decision to downsize is right for you and your spouse.

    Most people typically downsize because they have too much space after their children have grown up and moved out. Other people may choose to downsize because they realize that they have too much house and want a smaller home that’s easier for them to maintain.

    Some other reasons to consider downsizing to a smaller home at any stage in life include:

    • Increased expenses – Your mortgage, insurance, and monthly housing expenses exceed 30% of your take-home pay.
    • Little savings – With your current monthly expenses, you aren’t able to save enough money for retirement.
    • Not enough financial options – Since you’re house rich, you may be cash poor, unable to really enjoy life on your terms, and you want more options to enjoy life without the financial burdens that you currently have.

    Some Factors to Consider When Downsizing

    At the end of the day, the decision to downsize all comes down to you but there are also other factors that you should consider which will help you to make the decision on when to downsize or not.

    Some of the factors to consider include the state of the Real Estate market, economy, interest rates and if you will be able to get top dollar after selling your home now or not.

    Let Us Help You Downsize

    There’s no doubt that downsizing is a personal decision that may take you some time. If we can help you with your desire to downsize please contact us anytime at (800) 921-9231 or connect with us online.

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