5 Signs That It’s Time to Downsize
Last updated on May 11th, 2021 at 12:55 pm
Determining when it’s time to say goodbye to your large family home isn’t an easy process. But over the years, as the kids grow up and move out, there comes a time when that big house simply becomes too cumbersome and challenging to maintain. That’s when it’s time to start thinking about downsizing. If you’re unsure whether it’s the right time for you, here are some of the most common signs that it is time to downsize.
Maintaining It Is Too Much
If you’ve reached a stage where maintaining your home has become too overwhelming, consider it your first red flag. Though all properties will require some maintenance, when the cost and physical effort become a serious struggle, it’s time to start considering your options.
You Have Unused Space
Do you have a spare room or two that are rarely used? If so, it may not make much sense to keep wasting money heating those empty rooms or spending your time cleaning them. The reality is, sometimes, having too much space can become more of a burden.
Monthly Bills Are Too High
A smaller home can also equate to lower monthly bills. With less square footage, your mortgage payments, maintenance, and utilities will all be less. So if you’ve been burdened by the high monthly costs of your current home, downsizing could be the best solution for you.
You Don’t Spend Much Time at Home
Some ‘Snowbirds’ spend only a short duration of time at home and then travel aboard to enjoy the sun for another portion of the year. In this case, why keep paying such dramatic prices for a big home that you’re rarely in? If traveling is big on your agenda during retirement, downsizing to something smaller could free up more cash for you to spend on your adventures overseas instead.
Aging in Place
Whether we like it or not, there comes a time when we all need to give serious thought to how we want to live out those Golden years. As we age, simple things like bathing, cooking, and cleaning can become more challenging to do on our own. You’ll need to consider if you wish to age in place, so you can ensure your home is suitable to meet your needs. This includes climbing stairs, wheelchair accessibility, and getting in and out of the shower or bath. Aging in place is ideal for those who want to have a home that’s more accessible as opposed to moving into a senior care facility.
Need help finding a suitable place to downsize to? The team at Geoff and Bobbie McGowan are accredited Senior Real Estate Specialists in Ottawa and the surrounding area. Contact us today to get started.