How You Know it’s Time to Downsize and When Not To
Many homeowners will eventually want to downsize from their family home into something smaller or more manageable. This is a popular choice for retirees and people whose children have since moved out and started their own families.
But how do you know when the time is right? Here are several things to think of before choosing to downsize your home:
Are Utility Bills Getting Out of Hand?
Heating and cooling a large family home can often be expensive. This is especially true as the cost of energy rises in many areas. Are you noticing increasing utility bills? For many retirees on a fixed income, rising bills are simply not feasible. In many cases, downsizing to a smaller home will result in reduced utility bills that will help lower your overall monthly expenses.
Tired of Cleaning Un-Used Rooms?
Maintaining a large home is also difficult for aging homeowners. Many homeowners also do not like the fact that many of the rooms they must clean each week are, for the most part, unused. Without children or guests occupying these empty rooms, cleaning them may seem like a chore you don’t want to continue doing. One of the benefits of downsizing is that you’ll cut your housework in half and only need to worry about maintaining rooms that are actually in use.
Worried About Repair Bills?
As homes age, they require repairs and maintenance such as roof work, repiping, water heater replacement and more. These tasks may seem insurmountable for a retired homeowner on a fixed income. Downsizing to a modern home where the roof and plumbing are all new will ensure you won’t have to worry about executing a large home project.
Are You Living Mortgage-Free?
One of the downsides of downsizing your home is going through the entire process of buying a home again. The costs involved with buying a home can sometimes feel a little expensive, especially if you are currently living with a fully paid mortgage. For many retirees, the idea of signing another mortgage is daunting. You should think long and hard about this before committing to downsizing.
Are You Ready to Downsize?
While it may seem like a practical idea, the task of organizing and throwing out years of keepsakes and mementos to fit in a smaller home can be traumatic for many homeowners. The undertaking of going through belongings and deciding what stays and what goes takes a lot of drive and stamina that many homeowners are simply not bothered to do. Staying in your family home means comfort and familiarity. Many homeowners also wish to see their grandchildren grow up in the same home and can’t bear the thought of leaving their family home.
If downsizing is right for you, contact the experts at Tarvin Realtors today for quality real estate help and advice. Call (201) 444-0690 to speak with someone today.