The decision to downsize to a smaller, better-suited home for your new lifestyle is never easy. Leaving a home full of memories can be hard. Downsizing your home is an emotional, financial, and logistical decision that should be considered carefully. Here are five signs that it might be time to downsize your current home.
Home maintenance is becoming overwhelming
Santa Fe’s unique Pueblo-style and Mission Revival homes can require regular upkeep that can become tiresome and costly. Looking into homes with easier exterior maintenance is an excellent way to move into the next stage of your life. Many active adult communities in Santa Fe offer landscape maintenance, which is perfect for those looking to take a break from outdoor chores.
A change in income circumstances
A smaller home also comes with lower utility bills, especially when it comes to cooling your home in the warm Santa Fe sunshine. With a lower mortgage payment and fewer monthly home expenses, you will have more budget freedom for other expenses. Homeowners might also want to take advantage of equity built into their current home. Many will find that their homes have appreciated greatly since the initial purchase and want to roll the profits over into a new home or other ventures.
Too much space in your home
Downsizing to a smaller home means you will no longer need to pay to heat and cool those rooms in Santa Fe’s hot summers and cool winters. This will mean lower overall utility bills in your new home, freeing up money each month. And other regular expenses like property taxes, insurance, and maintenance costs will be lower at a smaller property.
A changing lifestyle
If you plan to travel more after retirement to visit family or for pleasure, you will not be in your home as much as before. If your new lifestyle means you will not be at home as much, it might be the right time to look at a smaller property so you will not be wasting your monthly housing costs on a large home that is going unused for weeks at a time.
Chasing your happiness
Simplifying your life with a smaller home can also be a driving factor when downsizing. A smaller home is easier to maintain, easing the burden of caring for your home. And your current neighborhood might no longer fit your social needs. If most of the homes in your neighborhood are owned by young families with children, you might feel somewhat isolated. Moving to a community with people in your stage of life can lead to increased social and recreation opportunities.
Before you downsize
As you shift into a new phase of your life and find a home to fit your needs, there are several options available in the Santa Fe market. Buyers can look at a smaller single-family home, a single-story condominium, or an active adult community.
A trusted real estate team
Are you ready to look into downsizing your living space? The Ricky Allen, Cathy Griffith & Tara Earley Team can help you find the perfect home to fit your new lifestyle. They have years of experience helping owners buy and sell homes in the Santa Fe real estate market. Contact their team to begin this new stage of your real estate journey.