Should You Downsize When The Kids Have Left Home?

Table of Content

• America’s #1 Stock Picker on the Recent Market and the 25 Stocks You Should Sell Now
• Six steps to downsize your home
• Tips on How to Downsize Your Home
• Are you ready to declutter your possessions?
• Your mortgage, insurance, and property taxes exceed 30 percent of your take-home pay
• Tips to help you downsize your home

One way to do that might be downsizing to a less expensive home. For example, Kennedy continues, if you pay $4,200 a month on your mortgage, principal interest, taxes, and insurance, downsizing 10 to 15 years before you retire could save $40,000 a year in housing costs. That’s why we’ve compiled this handy list of 10 clear signs it’s time to downsize. We hope to calm your concerns, quell your indecision, and empower you to know if you’re making the right decision at the right time. You may find downsizing to a different neighborhood is what you need to fit your current lifestyle.

There comes a time in most people’s lives where they need to downsize. There are a variety of reasons for this; perhaps the kids have moved out and there’s too much space, or a couple is planning on retiring, or a family needs to look at saving money. As you’re working to sell your home, you’ll also be looking to find a new one at the same time. While you will save money by downsizing, you can spend extra cash for certain perks such as a community pool, a clubhouse, a doorman, and other amenities typically part of homeowners associations.

America’s #1 Stock Picker on the Recent Market and the 25 Stocks You Should Sell Now

Thus, if you experience a significant drop in income, whether through retirement, salary cuts, or job loss, it’s easy to slip into one of those categories. This can be a sign that it’s time to move to a smaller place with a more affordable mortgage. Buy or rent a single-family house or one-story condo. With home modifications applied as necessary, like bathroom grab bars or adding anti-slip mats throughout the home, you’ll be able to live independently for longer.

For homeowners looking to save money or simplify their lifestyle, it’s an attractive option, though it requires serious consideration and planning. If you’d like to know if it’s time to downsize your home, here are some signs to consider. There are countless benefits of downsizing your home, and it’s a wonderful way to open the door to the next stage of your life. But, making the decision to downsize can be hard, and leaving a home filled with cherished memories can bring heartache. If owning your current home has brought more stress and worry than it has joy and comfort in recent years, the time may be now. Here are 8 signs it’s time to put your house on the market and downsize.

Six steps to downsize your home

However, I can’t find a home that has enough space (bedroom, even sharing can be difficult if the room isn’t configured correctly) for 4 kids and 2 adults and more land. I’m tired of city life, but I don’t want to buy BIG just to have more land. I sold a large 4 bed home, to buy a smaller bungalow. And I’ve found most points made about the benefits of smaller homes to be totally true.

A three-car garage holding just one car and an old bicycle? Why spend the time and money to keep unused areas clean and heated when they’re far more likely to collect junk than bring joy? For those with physical limitations or medical needs, there are independent living communities, assisted living communities, and nursing homes, where they can get the level of assistance required.

Tips on How to Downsize Your Home

Because of limited space in the rest of your home, your bedroom may double as a workspace and storage for things like books, toys, workout equipment, paperwork, and more. If you want to bring some tranquil magic back into your bedroom, try to reverse this passive approach by defining precisely what your bedroom’s purpose is. Choose your bedroom’s intention based on your goals for the space and its explicit functions.

While the kitchen is often the center of activity and socializing in the home — which you’ve probably confirmed this holiday season — it’s not the center of peace. Moving expenses as tax-deductible costs have been abolished for most of us but members of the U.S. military and their families may still qualify. Personal finance is about managing your budget and how best to put your money to work to realize your financial independence and goals.

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We may have been preapproved for a set amount, but we did not want to buy at the high end of that amount. We grew so tired of our realtor who, in 1990 or so, was constantly showing us houses around $220 K, when we wanted to spend, at most, $190 K. We are a family of 6 living in an 1100 sq ft 3bed 1bath. We feel like it’s huge since we moved here from a 300sq ft camper that we lived in for 3 years.

“Relationships are important, and they aren’t as easy to develop as we’d like to assume. Because of that fact, don’t treat this issue too lightly. You may not make new friendships in your new home as easily as you did in your old one... Given that you are now in a different stage of life,” says Bruce Wing, ChFC, CLU, RHU, REBC, founder of Strategic Wealth, LLC in Alpharetta, Ga. Whether you’re retiring, you’re a recent empty nester, or you have another reason to consider moving, you may be asking yourself, “Should I downsize my house?

However, letting go of a family home is not an easy decision. For example, factors to consider are the related costs, intangibles , and health issues. Weighing all the factors will help you to decide if downsizing is the best decision. David Kindness is a Certified Public Accountant and an expert in the fields of financial accounting, corporate and individual tax planning and preparation, and investing and retirement planning.

No matter what you want to do with it, take that money tied up in your larger home and make it work for you more directly! If you want to get the most for your home, here are 20 ways to make your home attractive to potential buyers. Many people expect to be free to travel after retirement. But if you’re using your savings to pay your housing expenses, it’s a sure sign you should downsize to something more affordable.

One of the many benefits of downsizing your home is you can choose a property where you longer need to worry about these chores. If you’ve reached the stage where these tasks seem impossible, it’s time to go smaller. And it’s better to make this decision sooner, rather than later. If household chores begin to pile up and if they impact the condition of your home, you may see a decrease in property value when it comes time to sell. It may feel like just yesterday when three bathrooms didn’t feel like enough, or when your grandchildren’s toys somehow managed to take over the entire house.