When you downsize, you sell your current home and move into a smaller home that is more suited to your needs. People will downsize for various reasons throughout their life. Of course, there are also common situations that lead people to downsize.
You’re an Empty Nester
If you’re raising a family, you want to make sure you have plenty of room for everybody. Everyone needs their own space to study, work, relax, etc., which typically leads to needing a larger home. Eventually, all your kids will move out and embark on their own adventures and then it’s just you and your spouse. At this point, it doesn’t make as much sense to have a big house for just the two of you. Once you’re an empty nester, it makes sense to downsize to a smaller home with just enough room for you and perhaps a guest room for when the kids visit.
Your Living Situation Changes
You can generally predict when you’ll be an empty nester or when you’ll retire, but life can also through curve balls at you that change your living situation. For example, financial hardships can mean making certain sacrifices. If moving into a smaller home means it’ll be easier to buy food and other necessities, then perhaps downsizing is the best option. Some people might also downsize if their family situation has changed and they find themselves living alone or with fewer people. These unforeseen situation changes might make things difficult, but it’s good to recognize when downsizing is a beneficial part of that change.
You’ve Reached Retirement
Perhaps the most common reason people downsize is that they’ve reached retirement. In retirement, it’s likely you’re living on a fixed income and you want to fit your lifestyle to match your new budget. A smaller home means lower house payments. Another reason people downsize in retirement is for their health. A larger home, especially one with stairs, can increase the risk of trips and falls. You want a home that’s easier for you to get around. Additionally, a smaller home gives you less to clean and maintain.
Some people might equate a large house with success, but often it’s not a very practical choice. At certain points, it just makes sense to downsize to a home that matches your situation, budget, and personal needs. If you think it’s time to downsize, selling to a cash buyer can speed up the sale.
Simple Cash Offers can provide you with a fair cash offer in just 24 hours. Click here to learn more about why you should sell your home for cash.