For many homeowners, the goal is to move into bigger and bigger homes as the family grows and life moves forward. However, for those nearing retirement, coping with financial instability, or dealing with health concerns, downsizing may be the next step. Here are some questions you can ask yourself to see if you are ready to downsize.
Do I need the space? If you are now living alone or with your spouse in an empty nest, it can be a difficult decision to move out of the home that your children grew up in. Nostalgic memories can be a strong motivator to stay in a home well past the time the kids have all moved away. But, if you do not need the extra space, downsizing can provide resources to spend with those grown children who are now on their own.
Can I afford my home? If your home is no longer affordable due to either a career change, change in marital status or other financial circumstances, downsizing may be a positive move. Living in a smaller home may also reduce the monthly costs of maintenance and utilities.
Am I ready for retirement? For those nearing or past their retirement age, downsizing can be an essential step toward extending retirement funds. Stretching those savings by reducing monthly expenses can help you lead the life you want by ensuring you are fiscally ready for your next adventures. Decreasing costs is a smart way to prepare for the future.
Give us a call at 469-223-7568 (Cheryl) or 214-507-7475 (Den) or send us an email at Cheryl@CherylOHagan.com or Dennis@DennisOHagan.com and we will be happy to come to your home and discuss whether now is the best time for you to consider downsizing.