For many people, moving to a new house is all about moving up and onwards towards a bigger home or into a better area. Perhaps it is the common metaphor “property ladder” that leads to this impression that moving home is always some type of upwards move. But of course, this neglects downsizing.
One of thing about downsizing that does seem to trouble many homeowners is simply how to know when to do it. We are all pretty familiar with the common narrative of an older couple moving to a smaller property after the kids have flown the nest, but that single reason obscures the many other factors that might dictate if, and when, you decide to downsize.
CityHome Collective, a real estate brokerage in salt lake city specializing in luxury homes and condos (a particularly popular downsizing property type), say that the current state of market, for one thing, is likely to have a pronounced effect on when you decide to downsize. Downsizing is a careful matter of when and where.
But before getting on to some advice about picking the right time and property, it is worth setting out a few of the other reasons why you might decide to downsize.
For example, a larger home does not just mean more work involved in keeping it in good shape. It also means more money spent, not the least of which is on bills. It stands to reason that a larger home is more expensive to heat than smaller one, but there are many other costs too. For one thing, any necessary repairs are very likely to be on a bigger scale, electricity consumptions will be larger in a home with more lights and appliances and, of course, you could simply prefer the cozier comfort of a smaller place. As mentioned, size need not be any indicator of home quality or even luxury. There are many small homes with a very high asking price.
When is the Time Right?
So, when should you downsize? Here follow a few signs which could indicate to you that the time is right:
Rooms Are Being Used for Storage
We are not talking about cupboards here, but if you have any full rooms – at all – which are being used for storage then that is a pretty clear indicator that it’s time to downsize. Think about it, you have all that space, and it is only being used for storage. Bear in mind, however, that this could also be an indication that you simply have too much stuff!
The Home is Getting Harder to Maintain
The level of effort required to maintain a home is not a static or constant thing. In fact, there are many problems with homes that can develop in time, becoming harder and harder to deal with. If you feel that your housework is getting a bit too much, you should probably consider downsizing.
You No Longer Have Ties to the Area
We could be talking here about both financial and emotional ties, but the former is probably a bit more important. Most people select a particular area because it is within their budget and offers good local services such as schools. If you find that you have more money and less kids to send to school, then it could be that area has given you all it can.
We have only scratched the surface here regarding the very many reasons why people decide to downsize and how they go about it. But so long as the market is favorable, it very often makes a lot of sense to go down a few rungs on that property ladder.