People opt to sell their homes and downsize for a variety of reasons, but after seasons of life where you wanted more space, it can be hard to identify when this size of home is no longer serving you well.
The first set of circumstances have to do with your budget. if your housing expenses are more than 30% of your monthly income or if you simply have a monthly budget that is consistently tight with little room for extras or savings, downsizing could really help. If you’ve thought that the equity in your home isn’t doing much for you, you also might be able to unlock some of that equity by downsizing and beginning a new, smaller mortgage.
Similarly, the house itself matters – if it doesn’t fit your needs or you aren’t using the whole property, you might be ready for a downsized home. Other people notice because of their stage in life and their priorities, recognizing that you want to be closer to family or want less home maintenance to deal with, as well as simply wanting a change of location and lifestyle.
Age can also be a factor – some people realize they want more same-aged friendly neighbors but are the oldest resident in their neighborhood, and others simply realize that being retired or working remotely means that work doesn’t require them to live in this home any more.
No matter why you personally want to downsize, remember that downsizing is only a step down in terms of literal square footage. Most people find that downsizing means more cash on hand after the sale, more wiggle room in your monthly budget with a new, smaller mortgage or rent payment, more freedom from home maintenance tasks, and more connection to the people and places where you actually want to live. Downsizing can also mean less physical stuff to care for, and while in the transition you have to do some work to reduce your possessions, the feeling of being free of excess can be a truly great feeling.
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