Have your children recently left the nest? A large house feels lonely with only one or two people living in it. It’s also hard to keep clean, and expensive to maintain. This is why many parents choose to downsize once their kids have moved out.
If you still have a mortgage, this is also an opportunity to pay it off in full, and just buy a new place with what’s left of the proceeds. Your property has likely appreciated in the years since you have bought it. Even after moving expenses, you should still come out ahead.
But does it really make sense? Before you start looking for smaller houses for sale in Taylors Hill, you need to consider many factors. While downsizing is usually a good idea for retirees, this is still a big decision to make.
What will you miss most about your current location? If you move to a place where you must have a car to get around, it could be a problem in later years. Conversely, downsizing also lets you choose a more senior-friendly neighbourhood.
Unless your house is sparsely decorated, your furniture isn’t going to fit in your new, smaller home. It’s necessary to get rid of some items, which you can either sell or donate. Given that some pieces are probably too big, you may need to replace them with new ones.
Will moving to a smaller home meet your current and future medical needs? The new place might not have doorways large enough for a wheelchair, or just have poor accessibility as a whole. Take a long-term perspective when shopping around for a house for sale in Taylors Hill, shares Modeina.
Make sure you’re comfortable with the idea of living in a smaller home. Many retirees love simplifying their lifestyle, but others end up feeling like it’s a step back. You don’t want to regret your decision, so it’s a good idea to find a place that really suits your needs.
If you find your home to be too much trouble to take care of, downsizing could just be what you need. As with every major financial decision, however, it’s imperative to take your time.