There are many reasons why you may not want to downsize your property. Perhaps you’ve spent a considerable amount of time in your home are and it’s full of memories. Or, the idea of starting somewhere new is both frightening and overwhelming. However there are signs to look for that will help you decide whether it’s time for you to downsize your property.
It’s Too Big For The Household
Many people downsize after their children leave home, when a house once full of people suddenly becomes just you and a partner, or just you.
When this happens it’s common for the property to feel too big. A four bedroom home may be too much hassle and work for just one or two people, and it may be more desirable to relocate to a smaller and more manageable place.
Mortgage Repayments Are High
The bigger your property, the more expensive it’s likely to be. Where you live also factors into the cost of living . If these have only increased then it can become a financial burden, particularly if you are now living on a fixed income.
It’s less than ideal to spend too much money on a mortgage. It leaves little to play with and to save. By downsizing you can lower your mortgage and overall expenses. Moving to a different area may also lower your cost of living.
Accessibility Becomes Difficult
At a certain point, climbing stairs every day and night might may become more difficult. You can get assistance like stair lifts, but they are not always reliable and are expensive to install and maintain. When accessibility becomes difficult in your current home, it can also become dangerous for your health and safety. Downsizing to granny flats may be a big help with your access requirements. They are a good option that allows you more opportunity to design a space to suit your style and needs.
There’s A Lot Of Maintenance Required
When it comes to bigger properties, there’s a lot of maintenance that comes with it, from the general day-to-day cleaning to fixing broken cupboards and sealing leaks in the home. This may be okay when you’re a younger, but as you get older, you may not want to mess with the hassles of home upkeep, or the expense. Downsizing minimizes this extra effort and expense. Of course, you can get help with repairs and maintenance while you are still working, but when you retire you may not have the funds to do so. As your home gets older, there’s also likely to be more maintenance problems arising. A move sooner rather than later will help you avoid costly repairs.
It can be very upsetting to say goodbye to a home you’ve lived in for a long time, but when it comes to making life a little easier, downsizing may greatly improve your quality of life.
