Our lives are always changing, making it difficult to gauge our future requirements. What was once the ideal home for you and your family may appear overly huge or impersonal. It might be difficult to determine the best moment to downsize your house. It can be a very emotional event, but timing is everything. You can learn more here about downsizing and other real estate issues. 

When do the majority of people downsize their homes? 

Although an AARP survey found that 77% of persons over 50 want to stay where they are by staying in their current residences, retirees and empty nesters are not unusual in considering downsizing. According to the National Association of Realtors, the “silent generation” – those aged 74 to 94 – accounts for 24% of all buyers opting to purchase a smaller house. 

What are the signs that it is time to downsize? 

Some of the signs that downsizing may be the right option for you are: 

  • Maintenance is becoming overwhelming. 

If the cost and activity required to maintain your property have become overwhelming, it is time to downsize and find something with less demanding care. While every home will require care outside your physical or financial comfort zone occasionally, if you are consistently straining to accomplish the activities required to maintain your property and your home has become a cause of stress, it is time to find a solution. Homeownership should be a source of enjoyment, not physical strain or emotional agony. 

  • There is a lot of empty and unused space. 

Do you have several guest rooms that are accumulating dust? One vehicle and an unused bicycle in a three-car garage? Why waste time and money keeping idle areas clean and heated when they are more likely to collect garbage than bring joy? Because that space isn’t just taking up space; it’s holding you down mentally and financially. 

  • You have unsustainable monthly expenses. 

Aside from the maintenance cost, large residences might have high holding costs created simply by owning the property. As property values rise, some homeowners’ tax burdens rise considerably, making it especially challenging for those with tight budgets. In general, a smaller home means lower monthly bills. Mortgage payments are usually lower, maintenance charges are lower, and electricity bills are almost always lower.  

  • You have fears about aging in place. 

When a young family buys a house, they rarely consider what it will be like after 20 or 30 years. However, as you age, you may have to face difficult decisions about how your physical condition and body will hold up to the demands of your current place.