14 Compelling Reasons to Downsize your Home  

1)      You have more space than you need. Perhaps your children have grown and are off to college or out on their own. Or you got caught up in the real estate frenzy and bought more house than you really required.

2)      You’re tired of cleaning and caring for rooms you rarely use. If you are like most people, your living room is the largest and most under utilized room in your house followed closely by your formal dining room. Most large homes have two or three eating areas and a multitude of sitting rooms.

3)      Your utility bills are getting you down. Heating and cooling gets more expensive every year. If you have empty bedrooms or your house has a 2-story foyer or a family room with an 18-foot ceiling, you are spending a ton of money that could certainly be put to better use.

4)      You have enough equity in your house to sell it and pay off the mortgage and still have enough left over to pay cash for a smaller, more manageable home, thus significantly reducing your living expenses. Or trading your big house for a smaller one would result in a much smaller mortgage.

5)      High property taxes and high insurance costs are starting to get you down. A smaller home on a smaller lot should cut these costs a lot – maybe by as much as one half or more.

6)      A big house means it costs a lot to fix and maintain. A new roof for a 2500 sq. ft. house could cost twice what a roof for a smaller house might. Some big houses have two or more heating systems that need to be serviced every year. Painting the outside, replacing windows…the list goes on and on.

7)      And speaking of your lot…an acre of ground requires a lot of maintenance. Perhaps you would be happier in a townhouse or carriage house environment where a monthly fee takes care of yard work and outside maintenance.

8)      Tired of looking at your stuff? Not to mention dusting and caring for it. A collection of dolls or figurines or sports memorabilia might have been attractive for awhile. But perhaps your interests have changed and you have moved on. Now could be a good time to put your collection or e-bay. You will make some money and simplify your life.

9)      Commuting a long distance to work has become onerous. Or maybe you’ve changed jobs since you moved to your home and now commuting takes longer. Wouldn’t it be nice to live closer to the place you must go every day?   

10)  If you are getting ready to retire or your children are out of school, where you live isn’t as important as it once was. Finding a smaller home in a different location might make sense.

11)  Thinking of traveling? When you live in a planned community where outside maintenance is covered by a monthly fee, it is much easier to shut the door and not worry about snow removal or lawn care while you are away.

12)  Worried about your job? Not everyone is getting laid off – many workers are facing reduced hours and lower salaries. A smaller home with lower expenses might be the answer.

13)  Do you have health concerns? Are steps beginning to look like a problem? A traditional home with bedrooms and baths upstairs can suddenly become impossible. Maybe it is time to consider one floor living in a 55+ community.

14)  A smaller home can result in a better quality of life. There is less stress, less to worry about, less to care for and more free time and money to do the things that are really important in life.

In light of the recent economy, it should come as no surprise that the trend in new houses has begun to reverse. Builders are beginning to offer smaller, more intelligently designed spaces to accommodate the new realities. According to the National Association of Home Builders, as many as 60% of  buyers are now looking to downsize rather than upgrade to more square footage. Instead of putting the money into larger spaces, buyers are often opting for higher quality materials, better insulation and energy saving features like solar panels or geothermic heating.