It can be difficult for people to make the decision to sell the family home. There are many reasons that people have for staying in the house where they raised their children, many of which have to do with the memories that have been made there. That being said there are some telltale signs that the house you are living in is too big and that making the move to downsize may be the best decision for you.
Most of the house is being used for storage
This is a problem for many empty -nesters.
Once children have moved out, their bedrooms become a shrine to their childhood with the only thing living in the room being the dust bunnies under the bed.
The same can be said of basements and old playrooms. If most of the rooms in your house are being used to store “stuff” that you are no longer using it may be time for you to downsize your life and move into a smaller home.
Cleaning and maintenance is taking up most of your time and energy
Maintaining a large home is not an easy task. Dusting, vacuuming, cleaning and yard work all take time and the larger the house the more effort it takes to keep on top of things.
While you may love your home, if maintaining it is taking up so much time and energy that you don’t have time for anything else it may be wise to look into downsizing.
There is no point in breaking your back maintaining a home that is not being used to its full capacity. Moving to a smaller place could free up your valuable time and energy to invest in the things that matter to you.
Debt-income ratio too high
According to an article in Canadian Living your monthly housing costs, including your mortgage payments, taxes, heating bills and maintenance bills shouldn’t exceed 32 per cent of your gross monthly household income.
Many empty-nesters are nearing retirement age and are looking at surviving on a fixed income. If your mortgage, property taxes and home maintenance costs are going to take up too much of your monthly income, looking into moving to a smaller place is a very good idea. It will not only lessen financial stress but could also free up money for you to spend on things you enjoy doing in retirement.
Too many storeys
As you age mobility can become more of a concern, making large houses with lots of stairs a huge challenge. While you may not be experiencing any mobility issues right now you never know when it may become an issue.
Downsizing your home and eliminating the number of staircases is much more conducive to aging in place which is becoming more and more popular with the older generation.
Moving out of your family home can be difficult and thinking about downsizing is overwhelming. But doing it now could help mitigate stress in the future and ensure that you retire into a lifestyle that you enjoy.
What is a sign your house might be too big?