When to downsize your home
Whether all the kids have moved out or you simply have rooms you aren’t using, it’s possible that your current house is too much home for your needs. Still, it can sometimes be hard to tell when your residence has outgrown its usefulness. Try these tips to help recognize the signs that it’s time to downsize into a smaller home better suited to your lifestyle.
Your housing expenses are up
If you’re struggling to make ends meet with rising bills tied to housing costs, it could be time to consider downsizing. The US National Housing Authority says that no more than 30% of your monthly income should go toward your housing budget. A drop in income from retirement or other financial changes can make it easy to blow past this recommendation and put a strain on your household budget. If too much of your income is going to housing, switching to a smaller home could free up some funds and improve your quality of life.
Home maintenance is becoming a burden
It takes a lot to maintain a home. Keeping up with landscaping and lawn care, minor repairs, and shoveling snow can become a burden for retirees. Even for younger homeowners, the demands of maintaining a large property can sometimes be overwhelming. If you’re finished with the hassle of maintaining your property, downsizing to a more manageable property can make life much easier.
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Your home is becoming dangerous or inconvenient
For seniors, the choice to downsize often comes down to the physical changes from aging. We would all prefer to spend our golden years in our own home. But when the home itself begins to present dangers or unwanted burdens, downsizing can be a great relief. Stairs or a steep driveway can become fall risks in our later years. It’s also hard to find the energy to keep a large home clean, or to keep up with yard work. For some seniors, a smaller residence offers safety and comfort while freeing up valuable time once spent on chores.
You no longer have ties in the community
You may begin to look at your current home differently once you’ve retired and your kids have moved out of the house. Suddenly, that desirable school district isn’t all that important. You now have space for a home gym and office, and yet there are still rooms that aren’t going to use. If this sounds familiar, ditch your high property taxes and utility bills for a smaller space better suited to your needs.
You need a change
Retirement, divorce, or other major life changes could also mean that it’s time to change up your living situation. Maybe your old space is a reminder of a life you’d prefer to leave behind. Maybe you’re ready to explore a more active lifestyle with in a new city. Whatever the case, downsizing during a move can free up money to explore whatever the future has in store.
Whether you’re downsizing or looking for room to grow, the mortgage experts at First Ohio are ready to answer any questions you may have about the home lending process. Contact us today to get started.
