It probably feels like it was just yesterday that you moved into your new home, ready to start a life, a family. We all know how quickly time flies, and by now your youngest kid is off to college, or maybe starting their first job in the “real world.” And once you realize that they are really gone, that is when you start to think about what to do with all that space.
Some couples enjoy finally being alone in their homes, but for others, it’s just way too much space. In the past and even to an extent in the present, societal constructs have dictated that the home is as much of a status symbol as it is a place of dwelling, and because of this many people don’t want to downsize. However, a lot of people these days view downsizing as a step forward, rather than a step back. There are many benefits to downsizing, and this article will help explore whether or not this may be something for you.
How to know when to downsize
Many people choose to downsize simply because their home is just too big for them anymore. This happens most often when when children grow up and move out. But other factors can play in, such as wanting a home that is easier to maintain, or closer to a more urban area with lots of fun things to do. Sometimes downsizing isn’t even a choice, due to things like an unexpected financial setback.
A couple of questions to ask yourself
Will you miss your more spacious home?
You really have to ask yourself and visualize how your life would change were you to move into a smaller home. For instance, some people like having more spacious rooms, or higher ceilings. They like having a large yard, pool, spa, etc. If you move into a smaller home, you wont have many of these things, but you also don’t have to do any of the maintenance work required with having them either. For example, those who might have spent 8-10 hours or more of work each week cleaning the home or the yard in their larger house now only spend about an hour or two, maybe even less.
How will unexpected life events affect your smaller home?
One of the more common issues that can happen after you downsize is adult children moving back into your home. One way to prevent this from happening is to make sure they are comfortably settled into their new life before pulling the trigger on downsizing a little too soon. With the job market as terrible as it is, especially for young college graduates, you shouldn’t assume that your child will have an easy time finding, and keeping, a job after they graduate. Having an extra bedroom at your new place just in case, either for kids, relatives, or guests, is never a bad idea.
Hidden costs
It may seem very cut and dry, moving to a smaller, less expensive home means more money for you. Sometimes this is true, however there are a few factors to consider that you may not be thinking about.
A major component of downsizing that many people don’t think about is what to do with all of your belongings.
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