How to Determine if the Time is Right to Downsize
Downsizing is something many homeowners over 50 consider.
Any decision regarding downsizing is best made after considering a range of variables.
The phrase “bigger is better” has endured for quite
some time. Th ough it may be impossible to pinpoint
precisely who coined the phrase, its lesson
that larger things tend to be more valuable than smaller
alternatives is applicable in numerous situations. But no
adage is applicable to every situation, and in some instances
people may fi nd that bigger is not better.
Downsizing is an approach many individuals consider after
turning 50. Parents who are empty nesters and others
nearing retirement may wonder if the time is right to
downsize from their current homes. Th ough that’s a strategy
millions of people have adopted over time, the decision
is not always so simple. Individuals over 50 who are trying
to determine if downsizing is right for them can consider
a host of factors before making a decision.
• Monthly housing expenses: Before downsizing their
homes, individuals should determine just how much
they’re currently spending on housing. Individuals who
have fi xed rate mortgages likely know the amount of their
monthly mortgage payment, but what about maintenance?
Home maintenance expenses fl uctuate, but a careful examination
of the previous 12 months’ expenditures can give
homeowners an idea of just how much they’re spending to
maintain their properties. Th e number may be eye-opening,
as Th umbtack’s “Home Care Price Index” released in
the third quarter of 2024 revealed that the average annual
cost to maintain a single family home reached an all-time
high of $10,433. If such expenses are preventing homeowners
from building their retirement nest eggs, then it
might be time to seek alternative housing.
• Real estate prices: Real estate prices have skyrocketed in
recent years, which can be both good and bad for current
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homeowners considering downsizing. Many people who
downsize look to move from a single-family home into a
condominium, where maintenance tasks are typically handled
by a homeowners’ association (HOA). Such communities
typically charge HOA fees, which can be minimal
or considerable. In addition, the price of condominiums
has risen in recent years, with the lender New American
Funding reporting in early 2024 that the median sale price
of a condo reached $341,000. So homeowners who want
to downsize their homes may end up taking most of the
profi t from selling their current properties and reinvesting
it in a costly condo. Some may deem that worthwhile,
while others may fi nd the cost savings of downsizing in the
current market are negligible.
• Emotional attachment: Downsizing may be considered
with cost savings in mind, but it’s important to consider
your emotional attachment to your current home. Many
homeowners over 50 raised their families in their current
homes, and letting go of a property where so many memories
were made can be diffi cult. Homeowners who are not
prepared to move on from properties that are meaningful
to them and their families can consider additional ways to
downsize their fi nancial obligations.•
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