It happens to a lot of homeowners. The kids have left home and suddenly that multi-bedroom, multi-acre home no longer has the appeal that it once did.
Sounds like you? Well it could be time to consider downsizing your home.
There can be many advantages to doing this, one of the most significant being that selling your home for much more than the amount you'd need to buy a smaller one potentially gives you a nice sum of money to invest in a retirement fund, or maybe to buy that RV you've always dreamt of owning, enabling you to get out and explore this great nation of ours. The permutations are pretty endless.
Bigger homes inevitably mean more maintenance, not just in terms of running costs, but the demands on your time and energy as you approach a period in your life when taking things more easily suddenly starts to look more and more attractive.
As life moves on, so do our motivations for certain home features. Once your offspring gradually begins to move out, you progressively become aware of just how much more space you now have in your home. For some homeowners, this doesn't actually mean that a move needs to enter the thought process. For example, repurposing newly freed room space into, say, a home cinema, music or other hobby-based room that you've always promised yourself suddenly becomes a realistic possibility.
If you are not using all the home's facilities and your lifestyle seems to only require a small slice of the property you own, then it is certainly worth weighing up your options and asking if you might be happier and wealthier by settling on something that more accurately matches your needs.
If you decide to take the plunge, remember that you are also likely to have to part with some of your furniture and other items, as they simply won't fit into the smaller space you're suddenly craving. What it takes to make your bigger current home tastefully appointed can suddenly look horrendously overcrowded and cluttered in a smaller space.
If your furniture is simply too big to look right in rooms with less of a footprint, this may make purchase of new more modestly proportioned items an expensive exercise and this needs to be factored into the affordability of a downsize move.
Indeed, the finances of such a decision can be far reaching and it is unquestionably a good idea to seek professional financial guidance before making any decision, so that you have all the facts and implications at your disposal.
In conclusion, there really isn't a one-size-fits-all method to downsizing. Some people may even take the view that as they move toward retirement they actually want to move upscale as they'll soon have more time to enjoy all that larger spaces can offer.
Whatever your future plans for home ownership, call us today for our perspective on the saleability of your current home and/or finding homes you might wish to consider as a better alternative, looking ahead.