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How to know when it’s time to downsize

Jul 5, 2023  
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If you’re pondering the opportune time to bid farewell to your family home and embark on a downsizing journey that better suits your needs, here are five unmistakable signs to help you navigate your decision:

1. Wanderlust beckons: If you’re nearing a stage in life when travel becomes a priority, keeping a large home unoccupied feels impractical. Downsizing to a more manageable residence allows you to rent it out during your travels, making better use of your property.
2. Empty nest stage: With your children having moved out, the need for abundant space diminishes. If you have vacant rooms, especially unused bedrooms that serve no purpose, it’s a clear indication that downsizing is a logical choice. There’s no sense in maintaining guest rooms for occasional visitors who appear only once or twice a year.
3.Excess unused space: When you find yourself with unoccupied rooms in your house and struggle to find a meaningful use for them, it’s a strong signal that you no longer require that surplus space. Letting go of unused rooms becomes a practical decision, prompting you to downsize.
4.Lingering mortgage burden: If you’re still grappling with the same mortgage payment well into your 50s or beyond, downsizing can provide financial stability and help you regain control of your finances. It’s unwise to enter retirement burdened by overwhelming debt.
5.Simplifying possessions: As a general rule, the more space we have, the more belongings we accumulate. Opting for a clutter-free and minimalist lifestyle can contribute to a happier existence. Downsizing presents an opportunity to streamline your life and let go of unnecessary possessions, fostering a sense of contentment.

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