Tuesday, October 15, 2013 1:11 PM EST
The major motivations to downsize your home usually fall into one or all of these categories: management, money and mobility. Often time’s it’s difficult to fully recognize when one of these becomes an issue, but a few more obvious shifts are good indications it’s time to downsize, and they are…
1. The Kids Have Moved Out
The family home is full of memories and nostalgia but it is also full of "stuff" that is taking up space, energy, and, most importantly, money. If your adult children have left the nest, it might be time to downsize. Why maintain the large home just to host Thanksgiving dinner once a year?
2. You Still Have a Mortgage at Age 50
Why carry the burden of debt and worry about your mortgage each month? Downsizing your home means increasing your wealth and becoming more financially free as you get older. As you creep towards retirement, your earning potential may decrease, so consider moving to a more manageable property that suits your needs.
3. The Clutter is Closing in on You
We have a become a society of hoarders. As our houses grow in size, so does the amount of possessions we buy to fill them. Not only do we cram our houses to the brink, we then turn to storage units to hold the rest of our things. Don't manage a big home just to have more space to hold all of your unused, old things. Clear the clutter, free your mind and be happy!
4. There are Rooms You Never Use
If there are rooms in your house that you rarely use, it may be time to ask yourself whether you really need the space or all of the furniture inside. People in other metropolitan cities like New York and Hong Kong survive just fine with considerably less square footage...so can you! Downsizing your living quarters means that you consume less energy, use less space and have more money to spend on things that really matter.
5. You Have the Travel Bug
Free up some equity by selling your large home and buying a smaller, less expensive place. The extra money can be used to enhance your life through travel to foreign locales. If you don't have a case of wanderlust but you are craving a memorable experience, be a tourist in your own city and go to the theater, a concert or sporting event. Without a large home to weigh you down, you have increased mobility to do all the things you want to do when you want to do them!
Gavin Chen is real estate broker with Coldwell Banker and consistently ranks within the top 1% of agents in the GTA and among CB agents worldwide. Visit www.TheGavinChenTeam.com and find Gavin helping Buyers, Sellers and Renters all over Toronto!