A lot of us think that the house we live in currently is going to be the last one we will live in. With the stresses of moving and porting/renewing a mortgage at a different interest rate it can all seem overwhelming to make a move even if your current living situation is less than ideal.
Reasons for wanting to downsize (or even sidesize) can vary.
I have been in situations where the house I had was just too large. When buying a property, lots of us are enamoured with large square footage and large acreage, especially when coming from a condo or a smaller property. The attraction of a larger space eliminates the restrictions of not being able to have space for certain activities and more space to acquire more “stuff”. The downside of a larger space than what we require or really need is that it’s more unnecessary space to either heat or cool and the additional upkeep of a larger property really creates diminishing returns for a home owner not using their house to the full maximum.
With ever increasing costs of energy and with a lot of municipalities leveeing property tax increases close to the 8%-10% range, the projected cost savings of downsizing looks more and more attractive. Downsizing can also give homeowners the chance to purge unneeded or unwanted items. Professional organizers have often stated that if you have not used an item in a year, whether it is electronics or appliances, ideally they should be sold or given away. Some people do hold on to items for fear of needing them one day in the future.
Another main reason for downsizing is purely from a lifestyle perspective. Having too much space can also be overwhelming. Cleaning and maintaining larger spaces can take away time from other activities in life. No one has unlimited time, and chores and upkeep of a property that is too big can be a major time vampire. An oversized home can be more of a burden than a benefit and can lead to resentment.
The desire to downsize may also come from changes in life. The death of a family member can trigger someone to want to downsize. This can especially be the case when a spouse loses their partner. Too many memories may be locked in a house and some homeowners need to change their surroundings for their own mental health.
These are just a few reasons to downsize but there are certainly more. Regarding your future downsizing plans, speak with your trusted realtor
!