Is It Time for a House Downsize?
Moving is tough at any age or stage of life. Downsizing your home presents its own unique set of challenges (and rewards). Whether you are a new empty-nester, a recent retiree, or you have been considering a change, then this is the video for you!
Hi everyone, Kim Devlin here with the Kim Devlin Team in St Augustine FL. if you’ve never been here before, my channel is all about the wonderful places, neighborhoods and of course real estate in the NE Florida area. If this is where you are looking, then this is a good place to be.
When do you know if it’s time to downsize. I’m going to give you some signs that may help you know that you are ready.
Chances are, when you originally purchased your current home, you had a few more people living under your roof. If your kids have since flown the coop, you probably have more space than you need. Even though the sentimental value of that now unused space is high, the expense of maintaining, cleaning, cooling, and heating that space is more than you want to take on. Plus, your hard-earned money could be used towards more fun things to do.
If this is the case, it’s important to think about how much space you realistically need. How much of your current home do you use on a daily, weekly, and monthly basis? Would one guest room be sufficient when friends and family come to visit? When you think about it, you might be surprised!
What about the formal dining room? Do you use it anymore? or would an eat-in kitchen be enough?
What about storage? Are you storing items that you haven’t needed in years? If so, it’s probably time to purge. You might find you could get away with less storage space. Take a look at all the space in your current home with a critical eye. Do you need the space you currently have? If the answer is No, then it is probably a sign that it is time to downsize.
Downsizing and your finances
Another sign downsizing may be in your future is if it would make more sense financially. This is where you may want to get the help of a real estate agent and accountant. They can help you determine the true costs and benefits of moving to a new home. You will want to know how much you can sell your current home for, and what your net proceeds from that sale will be. You will also need to know how much you can expect to spend on your next home. It’s helpful to have a detailed breakdown of the expenses at your current home and an estimate of possible expenses in the new home. Keep in mind that some expenses may not change, while others may vary or even disappear altogether. Remember, you may also incur some new expenses. For example, if you currently pay someone to shovel your snow or clean your pool that expense may go away if you move into a condo, but you then have to add the expense of the monthly condo fee.
You will also want to look into any tax implications with your accountant.
If you stand to improve financially by downsizing, then it is worth going for it.
Downsizing is a change!
This next sign is a really important one. Are you ready for a change? Maybe you have already made some lifestyle changes and your current home does not suit you anymore. You may have selected your current home years ago because it was in a great school district or was close to the park. Now, you might rather be close to your grandkids or in a community with activities and amenities targeted towards active adults. Maybe you want to travel more but the stress of upkeeping a large single-family home is too much, and you would rather be in a ‘lock and leave’ condo or patio home.
Maintaining a home is a lot of work and if you find that you are maintaining your home more than living a life, it may be time to consider a move. You deserve to enjoy this stage (and every stage) of your life. Always live in a place that suits your new wants, needs, and lifestyle.
You may have purchased your current home with the thought of staying forever, but the reality is that we change and so do our wants and needs in a home. It is totally normal and expected. Try to free yourself from any guilt that may be coming up. Think about what type of home would serve you best in your current life. If the thought of a new place to call home sparks some feelings of excitement, it might just be time to consider a move.
It is not uncommon for a home that used to be filled with people to start feeling lonely as time goes on and those people move out. If your current home makes you feel isolated, it is a sign that it might be time to move. There are so many vibrant communities ready to welcome you with easy access to amenities and social gatherings. Think about what is most important to you in your new life and what type of accommodation would best enable you to achieve that.
Downsize now or later?
Have some foresight. You do not want to wait until you absolutely must move. Moving on your own terms and timeline will be much more enjoyable. If you are at an age and stage in life where you have the time and energy to commit to downsizing, then embrace the next chapter and do it; you deserve it!
I cannot tell you how many times we help one family downsize, just to be contacted by their friends who want to do the same thing. It happens all the time! If your friends are socializing much more now and pursuing new hobbies, you might be having a little fear of missing out. That is totally normal! If you are ready to join your friends, then it might be the perfect time to consider a move! After all, why should they have all the fun?
Don’t forget to download my 55 and over map in the link here.
Do you have questions about the next steps? We are experts when it comes to helping clients navigate the downsizing journey and we are here to help you. Everyone’s move is unique. We love working through the details with you to find the home that suits your new lifestyle and budget. This is an exciting time, and we would love to be part of your adventure so don’t hesitate to reach out.
Thanks so much for tuning in and I’ll catch you next time.