Is It Time to Downsize?
As life changes, jobs change, and families grow or move away, our wants and needs also change. A bigger home with a 3-car garage and lots of lawn care needs may not be the perfect answer if you’re looking to travel, or if you’d just like less to worry about.
There are lots of reasons to move to a smaller home or condo, such as changes in family dynamics or advice from your accountant or tax professional. Or, lifestyle or physical changes may affect your decision to change.
A smaller home has many advantages over more rooms and property. For many people, a condo makes more sense since there is less need for maintenance. Many newer condos also feature a Zero Step design, providing easier access for older family members or owners with physical limitations.
Here are a few common reasons to downsize your home.
Family Changes – As the kids leave for college, marry, or move away, it may be time for a change. Many people convert empty rooms into a work or hobby space, but if you are having trouble filling those empty rooms, it may be time to downsize your home.
Lifestyle Changes – Are the skis sitting unused in the corner of the garage? Has the boat been covered up all summer? Have you hired someone to care for the lawn and landscaping? If so, you probably don’t need a three-stall garage.
Energy Efficiency – A smaller home can have a much smaller ecological footprint, leading to lower utility costs and less impact on the environment. Instead of paying to heat or cool those unused rooms, it might be better to lose the extra space
Tax Advantages – If you have a lot of equity or your tax situation has changed, you may be getting advice from your accountant or financial planner that it’s time for a change. Cashing out can give you money to put towards retirement, or to use for other wants and needs after you’ve moved to a smaller home.
Simplification – Life changes, and we change with it. Our desires shift and our dreams can evolve to create a different plan for the future. You may be looking to simplify your life to create the freedom to travel or to face less cleaning, lower bills, and less maintenance every month.
Reduced Maintenance – Even newer homes need regular maintenance and that can become a burden. Lawncare and landscaping may have been fun in the past, but new priorities or interests can turn what was a relaxing hobby into a chore. Cleaning can also become a bigger responsibility than you like, in which case it’s probably time for a change.
Travel – There’s a whole lot of beauty in the world, much of it right in our own backyards. However, if you have always wanted to see the Grand Canyon, or Niagara Falls, or even Paris and Rome, you may not be home very much. If your future includes a lot of travel plans, it’s probably time to downsize.
Your dream home doesn’t have to be a 4-bedroom, 5 bath single-family home with a 3-car garage. If you are considering a change for any of the reasons above, or your own personal needs, or changing needs, then your dream home may be a Zero Step condo or new Patio home instead.
Don’t be afraid to downsize, if it makes sense to go smaller, the payoff will be worth it!
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