When is Time To Downsize

Hello

Owning a mansion is not everyone's dream- even if they do live in a mansion, a time might come when a person considers downsizing to a smaller home. It is critical to learn when or IF you should downsize your home. It is extremely important to know the when.  This is because a big house can be overwhelming with maintenance and upkeep. The  key is knowing both IF and WHEN to downsize. Delaying downsizing even a few years can result in tens of thousands of dollars lost. It can also be much harder later in life due to health issues and mobility restrictions.

 On and Off over the next several weeks we will be providing clear signs it's time to downsize. We hope to educate people, and give them the power to know if  they are making the correct decision at the right time.’

 Here are 3 signs. We will send more information later. We want to keep this short. (ok this isn't so short, but we think it is important)

     1) Your monthly housing expenses have exceeded 30%

Paying more than 30% qualifies you as "financially burdened" and paying more than 50% designates you as "severely burdened" according to HUD.

      2) Your Monthly Budget has No Cash Remaining

It is common for people to expect to be free to travel when they retire. But if you are using your savings to pay your housing expenses. This is a good sign you should downsize to something more affordable. Planning 5 to 10 years before you retire will help you save thousand of dollars each year.

   3) Maintenance  causes to someone feel overwhelmed.

A major reason seniors decide to downsize is to rid themselves of the burden of maintenance. Most people do not consider painting, mowing the lawn, and doing minor repairs is not their vision of a relaxing retirement. Making matters worse, These projects might become too physically challenging as we age. Hiring mowing crews, painters, or a handyman may be cost-prohibitive.

By selling your home while it’s still in good condition, you can save money on preparations it shouldn’t need major repairs. You’ll also save years’ worth of maintenance expenses.

 If you wait to make the move your home just starts deteriorating. You’re going to have to spend equity to repair your house before it goes on the market.

We have a guide that can help you. Click here for The Empty Nester Guide.

We hope this series helps people learn about downsizing.

All our Best,

Ken and Tiffanie