Deciding Whether to Downsize

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    Different life events might leave you considering downsizing. Use the suggestions below to begin your consideration of whether or not you should downsize by purchasing a smaller home.

    If your children are grown and you have many empty rooms you might decide it’s time to downsize. If your finances make downsizing an option rather than a necessity you should also consider whether your children are likely to need to have space to stay with you because of their own financial worries or because they’ve moved out of town and will require a place to stay when they visit. If you’re a grandparent who contributes to childcare needs for your children’s children you should also consider having space for visiting grandchildren.

    If you have suffered an illness or injury that makes climbing stairs difficult for you it likely makes sense looking into a residence that has a single floor or at least a downstairs bedroom and full bath. Before downsizing in order to accommodate your physical limitations, consider whether the limitations are permanent or temporary.

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    If the age of your home is adding to the number of expensive repairs you must make now or very soon to your home, you might consider downsizing in order to avoid laying out money for those expensive repairs. In the event you choose to downsize to avoid expensive home repairs make certain that you purchase a home in similar condition or better condition to your current home in order to avoid additional home repair expense.

    If you have a job opportunity in a location with a much more expensive real estate market than where you’re living now, consider downsizing in order to live in the more expensive area and take the job opportunity. Be certain that you pay attention to different property tax rates in the new area and work that into your costs.

    If your children are all away at school you might consider downsizing in order to accommodate your new stage of life. You should consider where your child will be spending vacations and breaks to be sure that you don’t leave your student homeless as well as residency requirements for tuition if you’re currently saving money on school expenses by taking advantage of in-state tuitions.

    If your utility expenses have increased to the point of burdening your monthly budget you might consider downsizing to get these expenses under control. You should also look into how much it would cost you to take energy-saving steps in your home such as adding insulation before downsizing in order to save on energy costs.

    If you’re concerned that you don’t have enough money saved, you might consider downsizing in order to access the equity in your home. Be careful when you calculate how much money you’ll have in the bank after downsizing by making sure you account for reasonable expenses for a new residence, realtor fees and other costs associated with moving.

    The decision to downsize is a complex decision that requires more than simply deciding you don’t need all the space you have. Use the suggestions above for establishing criteria to use in deciding whether you should downsize.

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