13 Aug 4 Signs Which Means that You Are Ready for Downsizing
There is a concept of the property ladder in real estate that inspires each one of us to first buy a home and then move into a bigger, more expensive home. But there comes a phase in our life when we wish to downsize rather than shift into a bigger home. It is a phase that takes place in old age when kids have grown up and moved away and your income stream has stopped. Your home becomes unmanageable and a drain on your resources. Here are 4 signs that tell you that it is the time to downsize.
1. A large home appears daunting
The prospect of moving into a bigger home appears exciting when you are young. But in old age when you have less energy and money, a bigger home feels problematic to you. In fact, you relish the idea of moving into a small apartment that you can easily manage and where your expenses will also be far less than your existing home.
2. You start thinking of expenses
You have retied form your job and managing household expenses in a limited amount of money. You are already feeling financial pinch paying high utility bills and maintenance of your home. In such a scenario, downsizing seems to be a great option as it means a reduction in monthly expenses and a lump sum amount in your account because of exchanging your bigger home with a smaller one.
3. You are unable to maintain the existing home
A large, 3-4-bedroom house seems too big for you and your wife when all your kids have gone out and settled in other places. Cleaning all the rooms and spending money on maintenance of all features of the house feels expensive to you. In fact, you use only a part of the house while keeping many rooms locked all the time. You feel it is the sheer wastage of money to live in such a large house that you cannot even look after.
4. You have been planning this for some time
Planning to downsize is not an idea that has struck your mind suddenly after your retirement. You have been thinking about moving into a small house for quite some time as you knew about your impending retirement. You are also facing health problems and feel that you will get a lot of peace of mind by living in a small house.
All these signs mean you are ready to sell your house and move into a smaller one.
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