Like many things in life, there are no courses or manuals for making some of its most important decisions. Whether they’re emotional or financially driven, or a combination of both, sometimes you just have to go with your gut. And while there’s no easy answer, recognizing your motivations for downsizing can help you make the final decision on whether it’s time to stay or go.
Financial stability: Are you retired or experiencing financial hardships? Have your monthly expenses increased over the years due to the escalation in the cost of living? If so, this may be an opportune time to downsize, especially If you’re feeling a financial crunch. Selling your home for a smaller, lesser expensive place can help you to save money, reduce your monthly expenses, and possibly increase your disposable income.
Home equity: If you’ve owned your home for several years, there’s likely a lot of equity, particularly with the rise in home prices over the past few years. This may be a great reason to sell as you can use the proceeds from the sale to downsize and have some cash left over to add to your nest egg.
Homeownership: Are you tired of being a homeowner and no longer want the responsibilities of the upkeep or ongoing expense? Whether it’s due to financial, physical, or other circumstances, it may be a good time to discuss selling and explore rental options or consider a Senior Living Community.
Home upkeep: Having less maintenance is often the key reason for downsizing. Not only can it be costly, but it can also be dangerous. For example, if you’re older and have to climb on your roof to clean the gutters, you may be putting yourself at risk of a serious fall. If you’re beginning to feel overwhelmed with your home’s upkeep, it may be a good time to consider a downsizing move.
Life changes: Unexpected major life-changing events, such as divorce or the death of a spouse or partner or an illnes or injury, may require you to make some changes, both in your financial life and your lifestyle. They may even be the catalyst for making your final decision to downsize.
Lifestyle: Have you aged out of your neighborhood? Are you an empty nester and your home now feels lonely or too big for you? If so, it may be time to consider downsizing to a smaller home and into a community that makes sense for you. There are many options in the Phoenix and Sun City area for Active Adult Communities and Senior Communities that match your financial and lifestyle needs with other like-minded people.
Proximity to family: Your adult children and grandchildren may not live close to you anymore and chances are you want to be in closer proximity to them. Whether you’re retired or still in the workforce and able to work remotely, it may be the right time to sell and downsize.
If you’ve decided to begin the downsizing process, be thorough in your research—the options are endless. Whether your motivations have to do with a lifestyle change, lower cost of living, or health challenges, be sure to contact Arizona Senior Moving to assist you in your downsizing adventure “Home upkeep: Having less maintenance is often the key reason for downsizing.” “Life changes: Unexpected major life-changing events, such as divorce or the death of a spouse or partner, may require you to make some changes, both in your financial life and your lifestyle.” .
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