Maybe your kids have started heading off to college. Maybe they’re all graduated and not coming home for summers anymore. Or maybe you bought a large house a few years ago and wonder if you have too much space. There can be many reasons for downsizing, but is now the right time to make the move?
Here are 5 questions to ask yourself before deciding to buy a smaller home:
Consider Your Kids
With current economic factors, many young adults continue to live with their parents after college. Your kids may be gone now, but will they be coming back? Layoffs, student loan debt and high rents may give your adult kids reason to come back home even if they seem stable now. Think through all the scenarios before you take the plunge and decide to move.
Think About Your Goals
Will downsizing your home help you meet your goals, financial or otherwise? If you want to travel more, a smaller home and mortgage payment may help. You may have profits from your home to add to your retirement account so you can retire young? If moving will help you step towards your goals, it’s time to list your home and downsize.
As much as we don’t want it to happen, we all age. It’s important to think about how your home will work with you as you age. Too many stairs, large yards and old home maintenance are all things that can be challenging as you age. Instead of waiting until it’s too late, consider moving now to make the transition easier.
Take some time to consider what life will look like as you continue to age. If you intend to travel and explore the world the maybe a home that requires maintenance isn’t the right fit anymore. It may be time to find a low maintenance condo or patio home, or potentially a new build. If you want to make new friends and have a community, consider a 55+ community. Always remember to keep extra space for the family to stay in when they visit!
Readiness of Your Home
So now you’ve decided it’s a good time for you to move, but is your home ready? Before you list your home, schedule a consultation with us to see if there are any repairs or updates you may need to make in order to get your home sold. Bring your financial planner in on the discussion and figure out the best way to sell your home and purchase a new one. Oh and tell the kids!
Moving is never an easy option, especially if it’s a home you’ve lived in for many years. It’s important to have the right agent by your side. If you’re in the Denver or Boulder area, get in touch with us today to get started.