Are you starting to think it’s time to downsize your home. Maybe monthly maintenance projects starting to creep up and you are worried about keeping up with the demands and cost. The kids are all gone and a there is lots of unused space that holds memories and stuff but not people anymore. The stairs are starting to become a challenge to manoeuvre.
Imagine being in a space that fits your life today, with no unsused rooms, excess stuff and a space that is easy to maintain and keep up with. Your time is back in your hands and you can spend it enjoying life.
I am at that stage now, the last of the kids moved out not long ago and my husband and I are bumbling around this big house wondering what comes next for us. I watched my parents struggle holding on to their home with mounting maintenance cost, mobility issues as they got older and struggling to keep up with all the demands on them until they finally sold it…and LOVE living in their tiny cottage by the water now. We have decided that we will make the downsizing move sooner rather than later. We want to free up our time to travel and play between working and not wait till it becomes more of a burden.
But how do you really know when it’s a good time to sell.
Here is 5 things to look at when deciding if you should sell your home
1. Is the Housing Market Good for the seller?
One of the main reasons we have decided to sell is that the market in our city is pretty hot right now and homes are selling at a good price. When thinking about selling look at what you owe on the home, what the market is likely to support and do the cost analysis to see if it’s worth selling now. Part of that financial analysis is to look at the cost of running your current home verses where you would go next. We have a 5 bedroom home with a large pool in the backyard that is virtually unused, the cost is high to maintain for so much that is not even used…it’s time to sell! My parents sold their home for a bit less than they may have been able to get if they held onto it for a bit longer…but the cost to upkeep it and do some needed maintenance had them deciding to sell for a lower cost but quicker sale. it was the right time for them.
2. Are you overwhelmed with the upkeep of the home?
A big house takes effort and time to maintain. If you are finding it exhausting to try and keep up with the to do list and just don’t have the stamina to do it yourself anymore then it’s time to think about a change.
3. Is your home an Empty Nest?
A once bustling home can become a lonely place to be once everyone is gone. Lots of seniors deal with depression and loneliness especially if they are living in a home that once help a busy family. Think about how your home feels to you now and decide if it’s time for the next stage. When we made the decision to put the house on the market, it was a feeling that this house needs kids in it again, it’s a family home and we are grateful for all the wonderful time we have spent in it but it is time to pass it on to the next family.
4. Are you dealing with Physical limitations and issues?
We don’t like to talk about the hard part of aging but the reality is that as we age our bodies do not always cooperate in keeping up with us. Stairs get harder to climb, bathtubs get hard to manoeuvre, illness may happen making getting around a big house hard. If you are facing physical limitations and finding getting around your space difficult, it might be time to find a place that supports you and your body now. One of my clients has difficulty with stairs, so living in a home that required her to do stairs everyday started to become an issue. She is now happy living in an apartment with an elevator to get her up and down and no worries about having to do stairs.
5. Where will you go?
You need to think about what comes next when you sell your house. Are you looking at a smaller home, an apartment, moving to your cottage, assisted living spaces? Think about what is next for you and what you really need and want if you are to move. My husband and I know we are not ready for an apartment so are now looking at smaller easier to maintain homes as we no longer need 5 bedrooms and a pool. My parents moved to their beloved cottage. Lots of my clients are now happy in apartments or condos with no worries about maintenance and the ability to go south for the winter if they want. Think about what you want and need next, it makes the decision that much easier.
I know there is lots of people who would say staying in your home for as long as you can is best but I disagree with this blanket statement. I believe that where you live has to support your life and who you are NOW. It should be a place of peace and joy, not a source of stress and overwhelm.
So take your time when making the decision to sell your home, think about the pros and cons and make the decisions based on what you want and need today. If I can help in any way let me know!
Kim
If you are ready to make the move to downsize and sell your home check out my book – Solving The Downsizing Dilemma for guidance along the way. www.downsizingdilemma.com
