When is the Right Time to Downsize Your Home?

Posted by on Friday, October 12th, 2018 at 3:56pm

Today, many homeowners are looking to buy larger homes and properties but this may not be the smartest decision for everyone.  Instead, many homeowners can purchase smaller homes and still live the comfortable, spacious lifestyle that they desire. Downsizing a home offers many benefits for individuals but many may not know when it is the right move for them. Here are just a few signs that it may be time for you to consider downsizing your home.

1. You are an Empty Nester

Many homeowners still desire a large home for when all of their family members come to visit. But, how often does this happen every year? If you only have a full house once a year, it may be time to find a smaller space. Besides, many homeowners today are living in large and spacious homes compared to families in the past. According to the United States Census Bureau, the average single-family home is 2,600 square feet while in the 1950s, it was only 1,000 square feet.

2. You are Paying More than 28% of Your Income on Housing Costs

Many experts suggest that you pay less than 28% of your total household income on housing expenses. This includes your monthly mortgage payment, insurance, taxes, etc. When you are paying more than this each month, you are putting a significant strain on your household budget and you are not giving yourself enough wiggle room to pay for additional bills and unexpected expenses.

3. You Can’t Keep Up with the Maintenance

Homeownership can not only be expensive, but it can be exhausting. There is much responsibility that is included to simply keep a home in tip-top share. If you find yourself struggling to keep up with the maintenance and home improvement tasks around the home, it may be time to consider a smaller residence. If even the simplest tasks are too much, you may consider properties such as condos where the building management will handle all maintenance and handyman tasks.

If you are considering downsizing your Jacksonville home, contact real estate agent Krista Fracke. She can help you find the right size of home for your needs and goals. Contact her today and let the hunt for the perfect house begin. 

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