The idea of a home that is perfect for someone can change as the person changes. When your children are established or you find that most of your family or friends live a good distance away, many people start to consider downsizing their homes. Even though the term downsizing tends to carry a negative connotation such as you are giving things up, I prefer to look at it like you are finding a housing situation that fits your needs. Here are some questions to ask yourself when you are considering selling your Locust Grove home (or elsewhere) in favor of new adventures.
Do I use all parts of the home?
If you’ve gone from a large family living in a home to perhaps just you and your spouse, then a lot of space in the home may not be used. You may have bedrooms or a finished basement that you hardly enter. It’s okay to have extra bedrooms because it’s always nice for guests to have their separate spaces, but perhaps your need is for just one, not three.
Do you feel overwhelmed by maintaining the home?
All homes need maintenance and as they age the maintenance can become more time consuming. Likewise, a Locust Grove home with a larger yard takes more effort to care for throughout the year. If you are not able to do these tasks yourself, it can become expensive to pay someone to do them for you.
Is your home accessible as you age?
While no one likes to think about the negatives of getting older, there are challenges we all will face and need to consider if you prefer to stay in your home. Stairs can be harder to navigate if you have mobility issues. Narrow bathrooms and hallways may not be able to accommodate or be altered to accommodate wheelchair or other mobility equipment in your Locust Grove home. Large yards are more difficult to maintain. While no one has a crystal ball to see the future, it is good to think about whether your current home is capable of accommodating you as you age.
Are you still tied to the area?
Jobs, school systems, and family responsibilities often tie us to an area. If you are considering downsizing, then you may be able to consider moving to lower cost of living areas that were not options earlier. You may still be able to live near family and friends while finding a home that better suits your needs.
How do you want to spend your time?
After working hard for many years, when many people retire they want to be able to spend their time how they see fit. This might mean spontaneous trips, tinkering in the garage on projects, investing more time into hobbies or volunteering. However you plan to spend retirement, consider if the responsibilities of maintenance to your home will allow you to do so. If you plan on traveling a lot, then having a lower maintenance house may be the right fit for you.
What will the financial effects of downsizing be for me?
Since everyone’s finances are different, it is important to think about how moving will affect you. First, find out how much your Locust Grove home is worth by asking a Realtor® to do some research and find the current market value. This will give you an idea of how much money you can sell your home for and how much profit you will get from the equity you have built in the home. Then, do some research into the areas that you are interested in, so you can see what housing prices are there. Knowing this information is crucial in your decision making process.
Moving into a smaller home can mean less taxes and utility costs, but that can all depend on the area where you live.
