Moving is a major change, so it's not always easy to know when to downsize into a smaller home. We’ve put together a list of some of the most common reasons why people decide to move. Do any of them resonate with you?
Home Seems “Too Big”
There may come a time when your home begins to feel just a bit too large. Maybe the kids have moved out. Perhaps cleaning and maintaining large indoor and outdoor spaces is no longer your cup of tea. Whatever the reason, if your home doesn’t feel like it is the right size for your current lifestyle, it may be time to move.
You’ve Got Things You Want to Do
Speaking of house cleaning and landscaping, both of these activities take time. If you’d rather spend your time doing other things, such as creating art, cooking, spending time with friends, reading or exercising, rightsizing might be a good idea.
If freeing up time is your primary concern, you might also think about moving to an active adult community that offers services such as landscaping, exterior maintenance, and optional housekeeping services.
You may also want to consider a community that offers amenities such as fitness centers, salons, and doctor’s offices nearby, so you don’t have to spend your time commuting from place to place.
Ready for a Change
Feeling restless? Sometimes the desire for a change passes quickly. When it doesn’t, it’s time to pay attention. If you’ve been living in the same home or community for a long time and feel like now would be a good time to explore a new area, rightsizing may be the next logical step.
It's a Seller's Market
Your home is a significant investment, so paying attention to the housing market in your area is a good idea. If you find yourself in a strong seller’s market, it might be a good idea to take advantage of the opportunity to get a good price for your home.
If you are thinking about selling, take into consideration all of your monthly expenses, as well as the cost of moving itself, when making decisions about your new home. Buying a place right away may make sense, but other options are available and should be explored.
When is the right time to downsize? The answer is a highly personal one. Talk to your spouse, family members, and even trusted professionals such as a clergyperson, estate planner, or physician. They may have some fresh insights that can help you decide whether moving is a good idea.