When Is It Time To Downsize?

Getting older is just a part of life and for some of us it is means thinking about downsizing. Lets say you bought your dream home 20+ years ago and at the time you needed a 3000+ SqFt home, but now the kids are off to college or married. Now, cleaning those extra rooms & baths seems like an unnecessary chore. It is just wasted space.Not to mention the higher utility bills.You may want to consider selling the home that your in and buying a less expensive & smaller home. There are many advantages to buying a smaller home. Downsizing can be a smart way for you save money in retirement, and also give you the cash to pay off debts. You can also minimize stress of keeping up a large home & have cheaper utility bills. It is also a way to minimize clutter (since you have less space, you can get rid of things you don't need and you will buy less).  
Some disadvantages are less space for guests to stay. You might have to tell your out of town relatives to stay at a hotel when they come to visit. One may feel cramped & restricted after living in a larger home for some time. Another disadvantage is a feeling of less prestige. Many people like the impressiveness of a large home and worry how others will percieve them. Lifestyle change can be a factor if you are used to living with certain luxuries and now don't have.
Even though there are some disadvantages to Downsizing, it really is a good option for people who are looking to save money in old age.  If you can pay cash for your new home, it is much safer not have a note when your retired. What about Timing the Market? Selling in a down market may seem irresponsible, however when you consider the fact that you will also be buying a home. You may get less cash back in a buyer's market when you sell your home, but it balances when you purchase a new home at a reduced price.
So, my thought on Downsizing are...when it comes to downsizing, think about whether you can adjust to less space. Think about the impact it will have on you and your family (good or bad).
And if you decide to downsize, make sure you find an agent who specializes in your area.

***If you are considering downsizing or moving in general and you live in The Woodlands/Spring/Conroe area, please give The Kennedy Team a call. We will be happy to help you with your Real Estate needs.