You’ve come to a crossroads, and it’s time to decide: should you downsize your home? Here are some questions to help you assess whether to trim down your living space.
Do I need all of this space?
Your four-bedroom home may have been necessary when your kids were living with you, but if they’ve all moved out, you may no longer need so much space (or want to maintain it all). If you find that you simply aren’t using parts of your home, it may be time to downsize.
Am I close to retirement age?
If retirement is on your horizon, it may be wise to consider downsizing. You will soon be living on a fixed income, which may have a significant impact on your budget. If you don’t yet own your home free and clear, downsizing may be a practical way for you to free up some of your income. Depending on how much you have invested in your current home, you may be able to use the returns to buy a smaller home in cash. If you don’t owe anything on your home, then selling and downsizing can give you extra cash in your bank account.
Are the maintenance and upkeep a burden?
A bigger house means more rooms; more rooms mean more floors to sweep, furniture to dust, and windows to clean. If you’re tired of spending your free time maintaining your home, then downsizing may be an excellent option for you.
Are there hidden costs to this move?
If you are downsizing for financial reasons, then you may want to first assess the total cost of moving. Take into consideration the cost of listing your home on the market, the expenses of moving (trucks, movers, etc.), and the cost to store any treasured belongings that won’t fit in a smaller home. Make sure to evaluate whether these costs outweigh the other benefits, budgetary and otherwise, associated with downsizing.
What sentimental value is attached to my current home?
Often, homeowners choose to stay in their current homes because of the sentimental value they hold. This is definitely a valid reason; however, it’s important to remember that this sentimental value only accrued after you have lived in the home. It didn’t intrinsically hold sentimental value; you created it. The same can be said about downsizing to a new home. You and your loved ones have the opportunity to create new sentimental value while still remembering the good times had in homes past.
The home of your dreams doesn’t have to be huge! If you’re considering downsizing, schedule a consultation with Castle Brook Builders today. For more than a decade, Castle Brook has been one of Omaha’s leading custom home builders. The professionals at Castle Brook will guide you through the home building process with care and expertise, no matter how big (or small) your dream home is.