Here are 5 questions to ask yourself before deciding to downsize:
The youngest generation continues to push the number of young adults living with their parents. While they may be out of the house now, what are the chances of them coming back? If you decide to downsize now are you prepared to potentially share a smaller space later? There are a handful of scenarios to think through before you decide to move. It may make the most sense to hold on to the family home for a little bit longer.
What are your goals?
Are you itching to travel more? Maybe you’re hoping to retire young. Owning a large home can be expensive -- think taxes, maintenance and utilities. Moving may help you achieve your retirement goals sooner than if you hold on to your home. Talk to your real estate agent about your options before making a decision.
Can you age well in your current house?
Aging is something no one likes to talk about, but it is an important consideration in your decision to stay or go. Do you have a main floor master? Do you have a large yard? Ease of navigating and maintenance are all things you need to take into account as you consider whether to stay or go. Moving now can make the transition easier and have you feeling settled before any major health problems come up.
What type of home best suits you?
Take some time to consider what your life is going to look like as you age. For example, if you plan on traveling a lot you don’t want a home requiring a lot of maintenance. Look for a low maintenance condo or patio home. Or maybe a small new build is more your speed. It may even be in your best interest to look at 55+ communities. Remember to keep an extra bedroom for guests to stay in, those kids (and grandkids) may want to visit.
How do you make the move?
Hopefully you’ve been able to get a clear idea of whether or not you’re ready to move. Before you take the dive and decide to sell the family home, talk to your real estate agent about repairs and updates your current home may need. Tour a few neighborhoods and different types of homes to get a feel for what you are interested in. Bring your financial planner into the discussion to figure out the best way for you to purchase your new home and stay on track with your financial goals. And don’t forget to discuss your decision with the kids so they aren’t surprised by your plans.
Downsizing is never an easy decision, but these questions can help guide you to making the right choice for you. When you’re ready to make a move, give your real estate agent a call for more guidance.