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What Are Some Signs That It’s Time to Downsize?
Your life probably has changed considerably since you moved into your home. Although individual circumstances vary, here are a few of the most common reasons why people downsize:
Financial needs: If you’ve owned your home for years, property values have likely increased. Downsizing can help you use your equity for more important things like medical care, vacations or investments.
Physical needs: Mobility limitations can make it more difficult to navigate stairs to a basement laundry room or upstairs bedroom. Moving into a single-level home or an apartment with an elevator can be a more practical solution.
Medical care: Many seniors receive medical care and personal assistance at home. However, sometimes it’s more convenient to receive these services in a specially designed facility that offers 24-hour care.
Home maintenance: From changing light bulbs to mowing the lawn and repairing plumbing issues, homeownership is hard work. Many senior communities can handle these tasks for you. Even if you don’t consider a senior community, a small house will have fewer maintenance issues. A condo will come with someone else to cut your grass and wash your windows! My aunt sold her house in a weekend and moved to Florida just because she had to replace the garbage disposer in her old house.
Location: Family is probably the number one reason why people move. You may be downsizing to move in with family or at least closer to family. You may need extra room for relatives who are joining you. Downsizing could also allow you to move into a more desirable area or a warmer climate.