When Should You Downsize Your Home?

If you’re like many people, you feel like your current home is a bit too much. But how can you tell when it’s time to downsize? This guide explains.

7 Signs That it’s Time to Downsize Your Home

Although it’s a tough decision, sometimes the right choice is to downsize. That means getting rid of some of your belongings and purchasing a smaller home than the one you currently live in. However, it’s tough to tell when you’re really ready, so check out these seven signs that may be a signal for you:

Your housing costs are more than 30% of your income
Your budget is stretched thin
You don’t want to keep up with maintenance any longer
Your home isn’t really tailored to your lifestyle
You live too far from the amenities you use
You feel small in your big house
You could live more if you had less house to worry about

Here’s a closer look at each.

Sign #1 That it’s Time to Downsize: Your housing costs are more than 30% of your income

The general consensus is that your monthly housing budget shouldn’t exceed 30% of your income, but if your income has changed and now your housing budget is above that number, it may be time to purchase something different (and lower your payments).
Related: 5 simple living room staging hacks that can help you sell

Sign #2 That it’s Time to Downsize: Your budget is stretched thin

Even if your monthly housing budget isn’t above 30% of your income, if you feel like your budget is stretched thin and there isn’t any cash leftover for you to do the things you want to do, it may be time to downsize.

Sign #3 That it’s Time to Downsize: You don’t want to keep up with maintenance any longer

Maintenance on a home that’s too big for you can quickly become overwhelming. If you’re just done with keeping up with maintenance tasks, you may be better suited to a smaller property – maybe even a condo, where you aren’t responsible for anything except what’s inside your own walls.
Related: 5 things you should never DIY if you ever plan to sell your home

Sign #4 That it’s Time to Downsize: Your home isn’t really tailored to your lifestyle

If your home no longer fits your lifestyle, it’s time to make a change. For example, if you have a home office you no longer use, empty bedrooms that simply gather dust, or a big yard that you never spend time in, you may be happier in a smaller, cozier home.

Sign #5 That it’s Time to Downsize: You live too far from the amenities you use

Nobody wants to live far away from all the things they use, such as gyms, doctors’ offices, libraries, and shopping. When you live too far from all your favorite amenities, it might be time to list your home for sale and start fresh.
Related: Selling your home next summer? Here’s what to do now to prepare

Sign #6 That it’s Time to Downsize: You feel small in your big house

When you find yourself sitting in your home and thinking about how it’s too big for you, that’s a clear sign you need something smaller. It may be a good idea to start talking to real estate agents about smaller single family homes or condominiums where you’ll feel more comfortable.

Sign #7 That it’s Time to Downsize: You could live more if you had less house to worry about

If you feel like your house and everything associated with it, such as the payments, maintenance, and upkeep, are holding you back, why stay? If you know you’d enjoy your life more living in a smaller space, don’t wait.
Related: 3 home-selling taboos that send buyers running
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While you’re here, you can also check out:

Don Matheson
REALTOR® | Founder
The Matheson Team – RE/MAX Fine Pro

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