Deciding to downsize isn’t always easy. For those who have lived in the same home for many years and raised a family there, leaving this source of comfort and familiarity can seem uncomfortable. However, at a certain point, a house meant for a family is just too big for two people. If you’re on the fence about whether you need to downsize, here are four signs it might be time.
Owning a 5 bedroom home with 3 and a half bathrooms makes sense when you’re raising a family, but two people may not need that much space. An empty nest like this means you’ll be paying for space you’re not using. Even if the house is paid off, you’ll still be paying more property tax, utilities, and maintenance than you would be in a smaller home.
Speaking of maintenance, the bigger the house, the more time (and money) you’ll spend on maintenance and upkeep. Yardwork, cleaning, and other repairs can wear you ragged if you’re not careful. For some, this kind of activity is how they prefer to spend their Saturdays, but this DIY passion can’t last forever. If upkeep is starting to seem like more of a hassle than a hobby, downsizing might be a good move for you.
One of the most common catalysts for downsizing is retiring. If you’re transitioning from a steady paycheck to living off retirement savings, downsizing can be a great way to cut expenses. This extra cash can help pay for vacations or spoiling grandkids rotten.