To downsize, or not to downsize? That is the question many homeowners face as grown children leave the nest. Their home, not mention it’s maintenance, taxes and size, become more than they need.
Downsizing generally means moving from a larger to a smaller home. A homeowners reason for downsizing may be varied – shrinking family (the kids are grown and house is too big); economical (the mortgage is too big); practical (too much time spent on maintenance); desire for new lifestyle (suburban to urban). Regardless of your motives, the decision is never simple.
Houlihan Lawrence’s Larchmont Branch Manager, Judi Smith, made the decision to downsize recently when her last child went off to college. “The economics of downsizing eases the burden of financial responsibilities like continuing college and post-graduate education, helping children get settled in apartments, and hopefully weddings down the road. These eventualities have to be planned for.”
Beyond the practical issues, many downsizers look forward to a new exciting chapter in their life. Judi has “spent the better part of our adult lives taking care of houses in the suburbs and would now like to make more interesting use of our time.”
Is downsizing in your future? Stay tuned for future posts about Judi’s downsizing experiences.