7 clues you might be ready to downsize
It’s officially the start of a new school year. As your neighbor’s children buzz around collecting their school supplies while soaking up the last days of summer, your house feels a little empty. You’re not sending anyone off to school this year – you’ve officially graduated from the school district and the days of shopping for markers are long over. If you’re wondering whether you’re still in your ideal space, here are seven clues that indicate it’s time to consider moving.
1. Your lawn mower has officially moved out
And the lawn isn’t the only part of your outdoor upkeep duties. If the thought of planting flowers again next summer makes you cringe, and you’re sick of watering your lawn, you might consider downsizing to a condo. Leave the property management to the homeowner’s association and enjoy well-manicured shared spaces – garden, pool, clubhouse, etc. One thing to keep in mind when considering a condo:
- Rules regarding pets
- If you have a furry friend (or multiple friends) who will be accompanying you on this downsize, be sure to inquire about any pet restrictions before considering a unit. Some restrictions vary depending on type of animal, size/weight, number of animals, etc. Also, make sure to look for buildings that would be suitable to your pet’s needs. Some condos are equipped with specific dog-friendly areas, so your pet won’t miss his/her backyard.
2. Your kids still think you’re their permanent storage unit
They’ve moved out to their cityscape, but city-sized apartments, and they’re using your closet space for their suburban-sized wardrobes. Clear the clutter now and forever and let them know their old bedrooms are up-for-sale. They’ll probably find that it might be time to donate some of those can’t-part-with college hoodies.
3. You’re sick of hosting every holiday (and by hosting we mean housing your entire extended family as well)
Maybe with your newly downsized space someone else would like to host this year? Or maybe you like hosting, but you could live without the 20 house guests. This year, you can show off your new beautiful space and wake up to a house that isn’t filled with three laundry loads worth of dirty towels.
4. You’re running out of ideas on what to do with those spare bedrooms
Are you officially an empty nester? Your first child moved out and suddenly you had a home office; second child moved out and you created a mini-gym. Now the third one is out, and you realize you don’t need all these rooms anymore.
5. You’re still commuting from suburbs to city Monday – Friday
Work in the city but live in the suburbs? Now that you’re not worried about the school district, backyard, etc., you might consider moving to the city. You could walk to work or at least significantly cut down on your commute time.
6. You find yourself wishing you could just walk to the grocery store, or a restaurant for that matter
Now that you’re no longer feeding an army, your Costco runs are less frequent and sometimes you just want to stroll to the store for some eggs or a bottle of wine. Start thinking about locations that would enable you to do so. There are cities ranging big to small that have grocery stores and nightlife within walking distance. Or maybe it’s the opposite and you’re looking for a little more solitude. Lakeside house? Country?
7. You’ve started to think long-term
Where do you want to spend those “Golden Years”? You’ll want someplace that’s accessible, where you can maintain your lifestyle as you age. Sure, you don’t need to worry about that now, but it might be nice not to have to relocate again in the future. This could mean a condo, a smaller home or maybe even a second home. For now, you could use a second home to get away for the winter, but when it comes time for retirement, you’ll have a seamless process and a place that already feels like home.
A few things to consider:
- You’ll want to find a mortgage option that doesn’t have you digging into your retirement account to fund your new home.
- Your current home can be a huge benefit, regardless of whether you’ve paid off the entirety of your mortgage. Use the equity you’ve built up over the years.
- If your home is worth more than you owe on your existing mortgage, you might be able to pull out equity and secure a lower interest rate.
Work with a lender you can trust. Apply using our Digital Mortgage today.