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When is the right time to downsize?

Monday, May 3, 2021   /   by Hans Suhr

When is the right time to downsize?

When is the right time to downsize?

 

Only you can truly know when the right time to downsize but here are some considerations to help guide your decision. 

 

Pulling the trigger on downsizing can be difficult. However, delaying downsizing could translate to the loss of significant money and equity or even the inability to move yourself independently due to health or mobility issues down the road. 

 

Choosing less space often has to do with a desire to live a more simple life, whether you’re retiring or just wanting to live a more eco-friendly, low-maintenance lifestyle. Sometimes children grow up and move out of the family home and the parents are left with a nest too big for them, or often parents will want to relocate to be closer to their children and grandchildren. 

 

Many older adults are leaving the suburbs behind and moving into condos or lofts in downtown areas. Not only are these homes easier to maintain, but they are also in walkable neighborhoods with easy access to amenities such as culture, restaurants and nightlife.

 

Consider the importance of size. When you downsize you don’t need to downsize to the smallest place available. Maybe there is a happy medium where you can manage a smaller home but still feel comfortable. Think about your ideal amount of space. 

 

Think about some of the benefits of having less space. Many people say that moving into a smaller space feels freeing. When you can clean your entire home in a fraction of the time it took before, and yard work doesn’t take all weekend, you all of the sudden have way more free time!

 

What will you do with all your new found free time from downsizing? Well, it’s likely you have an increase in equity in your current home so downsizing will mean, more time and more money! The possibilities could be endless! 

 

The idea to downsize can feel overwhelming so if you are needing some guidance, advice or help, connect with me and I am happy to answer your questions! My years of experience has shown me every kind of situation and I can help you navigate this exciting new transition!