1. Your kids have been out of the house for more than five years, and they're not coming back. If you have three empty bedrooms in your house because all of your kids went off to college years ago, it might be time to think about how much space you truly need now. If you haven't converted the bedrooms into a home office, guestroom, or craft studio that fits your current lifestyle, you may not need such a large house.
2. You are paying more in taxes than you do for your mortgage. If you have been living in a large home for years, chances are that you have been making mortgage payments for quite some time and may have very little of that mortgage remaining to pay off. If you have gotten to the point where your taxes cost you more than your mortgage, if might be financially smart to think about downsizing. Even if you can afford your current home, there is probably a financial benefit to downsizing.
3. You're spending more of your summer days taking care of your yard than out golfing. With a big house comes big responsibilities. Home repairs, maintenance, and yard work take up a large amount of time that could be better spent enjoying a hobby or visiting family and friends.
4. You're ready to branch out and explore in a new community. The ties that bind people together when they have children change when the kids leave home. If you are feeling like you are ready to find new friends, activities, or discover a new area of the country, this may be a sign that it is time to downsize. Downsizing is not just about space; it is about exploring new frontiers as your life changes.
5. You'd rather be enjoying the snowfall than shoveling the snow. We all know that taking care of your home and yard in the summer is a big time commitment. But if you live in areas with large amounts of snowfall, taking care of your home in the winter can be just as daunting. If you love skiing, snowboarding, or ice-skating, but are not as big of a fan of shoveling all that snow, downsizing to a home with a smaller yard and driveway, or a condo with maintenance included, may be the perfect solution for you.
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Peggy Patenaude is a leader in real estate sales in the Andovers, an affluent suburb of Boston. She has won over 58 awards since she began her career in 2002, including top Sales agent in Massachusetts for her nationwide company. In 2010 alone, which was considered a challenging year in the real estate industry, Peggy alone, sold $18,500,000 in property. Peggy is the "go to" person when considering downsizing and has considerable experience guiding homeowners through the process of putting their home on the market to sell. With the highest integrity and an iron clad reputation, Peggy is a valuable and reliable source.