Whether you’re edging closer to retirement, waving your children off as they leave home, or seeking a new location, downsizing can sometimes be the best option. It's about finding a property that is the right size for your lifestyle, needs, health, and budget. 

This article will explore some of the indicators that might mean it's time to downsize.

You Have Lots Of Unused Space

If your children have left home, you don’t get out in the garden much, or you no longer need a home office, then these great spaces tend to be unused. 

Time, money, and resources go to waste trying to upkeep unused spaces in the home, so consider downsizing if you have spare rooms, empty cupboards, or overgrown outdoor areas. 

You’re Noticing Financial Strain

If you are struggling to pay your utility bills or your mortgage rates keep rising, consider moving to a smaller and more efficient property. Downsizing can reduce your rent or mortgage payments, utilities, insurance, and maintenance

There Are Changes To Your Health Or Mobility

As we get older, or sometimes for unfortunate health reasons, we notice more mobility constraints and a lack of energy.

If stairs are becoming inconvenient, it might be wise to consider a single-level home. 

You Want To Experience Community-Focused Living

You could downsize from a house to an apartment, and join a community of neighbours. The benefits of community-living include amenities, social engagement, and reduced external responsibilities. 

For example, apartment buildings often include shared facilities such as pools, gyms, and bbq areas. In addition, building managers are responsible for maintenance and rubbish removal. 

Final Thoughts 

Downsizing can be deeply personal, especially if you have lived in your current home a long time. There is no one person who can tell you whether or not to downsize, but if the above indicators resonate with you, then maybe it's worth considering.

Need guidance? As specialists in the luxury real estate market, Lloyd Estate Agent can help you assess equity, stage your home for selling, and identify downsizing options.