Downsizing isn’t just about saving money. It’s also about saving time and lowering stress levels. The best aspect of downsizing is that a smaller home requires less upkeep and less “stuff” to fill it. However, knowing when to downsize is important, too. Should you downsize in 2019?
If you’ve spent a long time living in one home, raising children, celebrating holidays, etc., a lifetime of memories is tied to this location. It may be difficult to let go. But if you’re having more trouble cleaning and maintaining the house and not using all the rooms, it may be time to downsize. The process becomes easier the surer you are that it’s the right time.
If you’re not sure you’re ready, here are a few questions to ask yourself.
Do You Live Near Family?
You may not want to go too far away from family support if your health begins to decline. However, if downsizing means moving closer to family, that may be a good decision. On the other hand, do your children plan to stay in one place, or do they have jobs which will take them to a new location every few years? You don’t want to hop all over the country trying to stay close. Consider what is best for your own happiness and health.
Will a Family Member Inherit Your Home?
Are you holding on to your home because you want to leave it to someone in your will? Be sure to talk to them about it, and soon. You may discover that they don’t want it! Most times, children will sell the family home, even if it’s inherited, because they already have one of their own. Don’t assume someone will want your house after you’re gone.
How High Are Your Mortgage Payments?
You want to reduce debt as you move closer to retirement. It’s time to downsize in 2019 if you aren’t even close to paying off your mortgage and you only have a few years left to work. Your timetable is less urgent, of course, if your home is already paid off. A high mortgage may be the best reason to downsize.
Can You Afford to Move?
Moving can be expensive, even if you stay local. Get help from family and friends with the following:
- Going through all your belongings
- Packing up what you’ll keep
- Moving to the new location
- And unpacking everything.
If you know someone with a truck or van, that can help with the expense.
Are You Ready to Let Go?
This is the final, and most important, question: Are you emotionally ready to do this? The key to downsizing is letting go of many of your heirlooms, furniture, and excess things. A smaller space means not everything will fit, so you’ll have to decide what to do with it all. It can be an emotional process when going through all your belongings and deciding which ones to let go. Whether you sell it, donate it, or give it to someone among your friends and family, if you’re not ready, it may be best to wait a bit longer.
Showplace Estate Buyers
If you’d like some help with your downsizing, our professionals can help. We can come to your home and offer a free consultation. We purchase individual pieces or entire estates. Contact us today!
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