Is It Time To Downsize Your Home?
Moving to a smaller home is often the best option for older adults. Empty nesters and widows/widowers may find that their homes are now too large and too expensive to maintain. When is the right time to downsize? This article offers some advice.
A survey of homeowners over 50 quoted in USA Today found that 51 percent of the ones who moved after retirement chose to downsize their home. That said, many retirees struggle with the idea of moving to a smaller living space. Retirees often find that this decision is best made sooner than later.
Do Not Delay
Delaying downsizing can cost homeowners in several ways. It could cause their property to lose value or result in a more difficult move due to worsening health.
If you have decided to downsize at some point, the next step will be to figure out the timing. When is the right time to move?
5 Tips To Help You Decide When is The Right Time To Downsize Your Home
1. Housing Costs Are Over 30 Percent of Take-Home Pay
If you are spending more than 30 percent of your income on housing, then you are spending too much. The costs might not be much of a problem if you are still working, but the minute you retire, a high housing cost can quickly become a burden. Income usually decreases in retirement, while housing costs tend to increase.
2. All the Space is No Longer Necessary
When you find that you are paying to heat and cool multiple rooms with no occupants, it may be time to consider a smaller home. All that extra space will only collect dust and junk.
3. Maintenance Becomes Impossible
Houses will deteriorate without constant upkeep, some faster than others. If maintenance tasks start to pile up because you are either physically or financially unable to maintain the property, this is a sign that it is time to move to a smaller home. Delaying maintenance only makes eventual repairs more expensive, especially since it will be necessary to spend money getting it ready to sell.
4. Aging in Place is Unsafe
Young home-buyers don’t usually choose homes based on their livability 30 or 40 years in the future. As you get older, it is important to consider whether you can live in the house safely. Features like grab bars in the shower become important, as will your ability to traverse stairs. If you or someone else in the household is using a wheelchair, access becomes an issue as well, and you will need to install a ramp.
5. Emotional Pain
Homes can come with bad memories as well as good ones. They can be reminders of the loss of a spouse, child, or even a beloved pet. Downsizing can help you to move on with your life.
Carefully assess whether living in your current home is worth it. If you are an older homeowner, the high and constantly escalating cost of housing means that it makes sense to downsize your home as soon as possible.
Are You Ready To Downsize Your Home?
When you have decided to move and are in need of a reputable and affordable moving company that provides both local and long-distance moving, contact Charles Moving and Storage. We not only move your valuables safely, but we also provide all of the necessary moving supplies, storage services and more.
Our happy customers are from New Jersey, New York, Connecticut, and all across the contiguous United States