Downsizing is the process of moving from a larger home to a smaller one. Why might people do this? As it turns out, there are many reasons:
Most often, people downsize when there has been a life-changing occurrence, such as when the kids graduate and move away, or maybe you’re on the verge of retirement.
It could also be that you just realize that managing a home of a certain size is more work, stress, and money than you can handle, and so a smaller home simply seems more feasible for you. This is especially true for elderly homeowners, and even for those who lead lifestyles that are simply too busy to allow them to juggle home maintenance with their lives.
Especially for those whose kids have moved away from home, another reason to downsize is the realization that you just have too much space that you don’t use. That goes for the outside, as well; if you’re on a larger lot that requires continuous landscaping and maintenance, perhaps that means it’s time to look for something a little more manageable.
Lastly, there are financial benefits to downsizing your home. If you’ve lived in your home for a long time, you’ve probably built up a fair amount of equity. Now could be the most opportune time to put your home on the market and make the move using the money you have tied up in the home.
If you have any questions or comments about downsizing, don’t hesitate to reach out to me. I’d love to hear from you.