It’s exciting to move into a mega five-bedroom, five-bathroom house. But it’s equally as exciting to downsize into something cozier.
Sometimes we buy big houses because we need them to support our family.
A large house may suit our particular lifestyle.
And sometimes we want a big house just because we can afford it.
However, there may come a time in your life where you longer need a behemoth of a home, and downsizing starts to sound like the right call.
Here are some common signs it’s time to downsize.
All The Kids Have Moved Out
Buying a larger home to support a family makes a lot of sense.
Five kids aren’t all going to fit into a two-bedroom, one-bathroom house comfortably. Could you imagine that?!
It makes sense to move into a larger space to support a large family if you have one.
Eventually, what happens?
Maybe all the kids go off to college.
Some of the kids may get jobs out of high school and move out.
Or maybe they move in with a significant other.
Whatever the scenario, it’s likely your little ones will move out at some time, which will leave you with tons of empty space.
It might be time to downsize.
You Want to Lower Your Tax Liability
It’s no secret, but the larger your house, the larger your tax liability every year.
It’s unlikely your property taxes will go down. Instead, they’ll probably go up.
Depending on where you live, property taxes may be adjusted by the municipality:
When homes sell.
On a set schedule, such as once every two years.
Or when homes undergo improvements.
Should you find yourself tired of paying high taxes, it might make sense for you to search for a