People tend to think of downsizing as merely a financial consideration. While it does often make your housing more affordable, you can enjoy some other benefits by doing so. Selling your house and getting into a smaller one can improve your quality of life in certain circumstances. Any of the signs below may mean it’s time to buy a home with a smaller square footage.

When to Downsize

1. The Maintenance Is Too Much

Whether it’s because you have too much land or house, both will require a lot of maintenance. If you’re tired of spending your weekends on home projects and yard work, then your homeownership is becoming too much of a burden. A smaller place will make tasks more manageable by requiring less attention or money.

2. You Have Empty Space

Empty space is a clear sign you need to downsize. For example, if your children have grown up and moved out, those spare bedrooms are just a lot of extra square footage. As your life’s circumstances and needs change, you should buy a home that matches those needs.

3. The Price Is Too High

All your housing costs should not add up to more than 30% of your net income. This includes your mortgage, maintenance, property taxes, and insurance. If your monthly expenses are getting near or above that threshold, it’s time to find more affordable housing. You can stay in the area you love if you downsize, and you’ll enjoy that extra flexibility in your budget.

4. You Can’t Keep It Clean

The larger your home is, the more effort it will take to keep it clean. If you feel that your schedule is a constant battle that you’re always losing, a smaller space will make it more manageable.

5. You Travel Often—Or Want To

Those who travel often likely don’t want to invest a large portion of their money and time into a large property they rarely use. If your home is often empty, buy one that’s less of a commitment. If you dream of traveling more, downsizing can make that a possibility. Reducing your monthly housing expenses will free up room in your budget to spend on traveling instead, and a smaller home will make it easier. You may even want to consider a condo or HOA-run property so your exterior maintenance will be handled while you’re gone.

If you’re ready to downsize, the team at Lawrence Realty Inc. can help you buy a home in Red Wing, MN, and the surrounding areas. This family-owned and -operated business was established in 1948 and is known for their team of knowledgeable local realtors. They’ll show you real estate listings that meet your needs and budget. Start searching on their website and call (651) 388-4745 to schedule a consultation.