A larger living space is not always a better living space. In fact, for many people, downsizing from a family home to a smaller abode can be a great way to simplify their lives and save some money in the process, but when should you make this transition?
If you plan on downsizing for a move, it’s essential to do so at the right time. There is no one-size-fits-all answer to this question, but there are a few key factors that you should consider before making the decision.
Your Monthly Housing Expenses Are Higher Than 30%
The U.S. Department of Housing and Urban Development advise families to spend no more than 30% of their gross monthly income on housing expenses. This includes your mortgage or rent payments, as well as any other associated costs like insurance, taxes, and utilities.
If a large chunk of your income goes into housing upkeep, it may be time to consider downsizing. Moving to a smaller property can free up some extra cash each month for other financial goals, like saving for retirement or paying off debt.
You Have an Empty Nest (or Will Soon)
For many people, the decision to downsize comes when their children leave the nest. With fewer family members, moving to a property with smaller square footage can help you save on expenses like heating and cooling costs.
You Want to Live in a More Desirable Location
Sometimes, the best reason to downsize is simply that you want to live somewhere else. If you’ve always dreamed of living in a certain neighborhood or city, downsizing may be the perfect way to make that happen.
Depending on the equity you have in your current home, selling and downsizing could give also provide the opportunity to upgrade to better real estate.
Home Maintenance Feels Overwhelming
Does the thought of mowing the lawn, shoveling snow, or dealing with a leaky roof fill you with dread? If home maintenance has become more of a burden than a joy, it may be time to consider living somewhere that requires less upkeep. For example, an apartment or condo in a bustling city center could be an excellent option if you’re considering downsizing for a move.
Your Home Doesn’t Match Your New Needs
As we age, our homes should evolve to match our changing needs. If your current property no longer fits your lifestyle, it may be time for a change.
For example, multiple-story homes can be challenging to navigate for people with mobility issues. Moving into a smaller house or one with accessibility features like ramps and grab bars can make your daily routine more convenient.
Box Method to Help With Downsizing
Are you already set on moving? If you’re having trouble picking which of your belongings to keep, one downsizing tip we always recommend is the box method. This technique is common among people who are trying to declutter their homes.
Start by gathering three different types of boxes — large, medium, and small — then label them “keep,” “sell,” and “donate.” Once you’ve gone through your entire house and sorted your belongings into these categories, it’ll be much easier to make the final decision about what to take with you to your new location.
Let Sterling Interstate Help with Your Move
When you decide on downsizing for a move, get in touch with Sterling Interstate. Our team of move managers can handle every aspect of your move, from packing and loading your belongings to transport and unloading at your new property. Call (602) 643-9022 today for a free quote!
