Bigger is not always better, especially when it comes to managing a home as an older adult. Caring for a large property is expensive and time consuming; so why spend the money and energy when it's become unnecessary? Here are some important signs you shouldn't ignore if it's time to downsize:
1. You're retired. With retirement comes a shift in lifestyle, and this could also mean downsizing. By moving to a less expensive property you can decrease your yearly expenses and stretch out your retirement savings.
2. The kids are gone and you have unused rooms. Unused rooms costs money in property taxes, maintenance, and utility bills. If your kids have left the nest and you have no one to occupy the rooms, it might be time to look at downsizing.
3. Home maintenance and repair costs keep climbing. The average homeowner spends 1%-4% of a property's value on annual upkeep. The cost to repair appliances, clean your home and manage the landscape can be very overwhelming. When combined with a house payment, this can leave no room for savings.
