How to Determine if it’s Time to Downsize

May 22, 2022

Whether it’s due to a change in lifestyle like retirement or a desire to lessen your financial burden, here are some ways to figure out when and how to downsize.

There are many life changes that might spur you to downsize your home, from the kids moving out to retirement to an income shift. However, few people like the hassle of moving, and so they often put off downsizing. Even when it offers significant benefits. Here are a few of the reasons that you might benefit from moving from a larger home into a smaller one.

Money is tight

If you’re having a hard time affording your current home, you may need to downsize. While this might be because your mortgage is too high, there are other ways a house can drain your bank account. Even if the mortgage is paid off, you may still be struggling with the high costs of living in your home. It could be anything from expensive electric bills in summer to high property taxes. Or perhaps you simply have experienced a loss of income due to a job change or retirement.

Alternatively, it could be that the area of the country where you live is getting more expensive and you’d like to move to a cheaper city. No matter the reason, if you find you have less money at the end of the month than you’d like, downsizing your home can be an easy way to right your financial ship. Sundae offers a fast-sell solution (as quickly as 10 days to close), while getting top dollar for your home.

Maintenance is a headache

Older homes tend to require more repairs. From exterior issues such as failing gutters and rotten siding to interior issues like an aging furnace and complicated repairs like asbestos abatement. The larger the home, the more opportunities there are for things to go wrong.

Are you tired of doing and paying for home maintenance?

You may benefit from moving into a maintenance-free condo or a new, smaller home. iBuyers will purchase your old house quickly, of course, but did you know that iBuyers may purchase your home quickly, but could require updates? A home that needs a lot of updates may not fare well on the MLS. Sundae puts a seller’s property in front of a host of investors looking for as-is homes to buy and the steps from listing to close are simple.

Rooms go unused

When the kids leave your house for their own adult adventures, your house can feel empty. It could be that the in-law suite now goes unused or you haven’t stepped foot in the finished basement in months. No matter the reason, you’re paying for that space even if you’re not using it.

You may benefit financially from moving into a home that’s the right size for your current family situation. Plus, you’ll free up time by not having to clean and maintain space you don’t need. Instead of going off-market or trying a “we buy houses for cash” company, try Sundae, created with the seller in mind, and get the best deal, fast.

The market is paying top dollar

There’s no Magic 8-Ball for real estate. However, real estate prices are at an all-time high in many areas. For that reason, you may want to cash out now.

If downsizing is on the horizon for you, it may be that you want to sell today to get access to the equity you’ve built up in your home. Sundae skips over the traditional real estate hassles of fixing up the home, staging it, showing it, and dealing with potential buyers walking through it during open houses .

Your priorities have changed

Where once a big, well-appointed home made you happy, perhaps you’ve caught the travel bug and rarely sleep in your own bed. Whether it’s a new hobby, a new romance, a new job, or something else that’s shifted in your life, you may find yourself rarely using your home. Even as you’re paying top dollar for it!

Selling your home through Sundae can help you focus on this new phase of your life without being encumbered by a space that’s no longer working for you.

Your physical abilities have shifted

The natural effects of aging, the results of an accident, a recent illness — all of these everyday occurrences may make your current home less appealing. If you’re physically unable to use all of your home (difficulty getting up and down stairs, for instance) or you’re unable to properly care for your home due to physical limitations, you may want to sell your current property quickly through Sundae’s streamlined process and get yourself into a home that works for you and your budget.

You no longer have to live in any one place

The COVID pandemic has changed the nature of work. It may be possible to move to another part of the state or country without affecting your livelihood. For example, people whose jobs are now primarily remote, retirees, or for workers who have shifted from traditional employment to working for themselves.

Maybe you live in the city but now want to move into the countryside or the coast. Or your mountaintop hideout is starting to feel isolating and you’d rather be in an urban environment. No matter the reason, now may be the time to take advantage of the freedom to live wherever you’d like. Sundae makes a quick move easy and doesn’t require you to clean, stage, or repair your home. Plus, you may qualify for up to $10,000 cash advance so you can start the next chapter of your life.

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Erin B

Erin Behan is a writer and editor covering real estate investor strategy for Sundae. She's lived in L.A., New York, and Atlanta and currently resides in Portland, Oregon, where she writes and edits for a number of outlets, including WebMD, Farmers Insurance, and Vox Creative. She spends her free time hiking with her two boys, snuggling with her cat, and enjoying the best of the Pacific Northwest.