When You Realize Your House is Too Big for You

There comes a point when it dawns on you that what once felt like an accommodating home has now become too big for you.

One of the common reasons for this has to do with the years catching on.

You are approaching retirement age, the kids have all grown up and left the nest, and living in the house is starting to feel more like a disadvantage than an advantage. An empty nest syndrome could also be brought about by bereavement or even separation.

More recently, however, Americans seem to be getting quite caught up in, uh, the American Dream. Buy a big home, bring in a spouse, populate it with two or three kids, and throw in a family pet for good measure. And, of course, the dream is not complete without leaving plenty of room for the occasional party or gathering, once or twice a year.

Obviously, there are many benefits that come with living in a big house. But when it gets to a point you start referring to certain sections of the house as “wings”, you know you are dealing with too much house.

The Big House Trap

Nobody fancies a cramped up space. But what’s the point of having hundreds of unutilized square feet that are more of a nightmare than an asset, right?

Besides, life in the giant, echoey house carries many other drawbacks, especially touching on cost.

You end up paying more for the home in a whole bunch of ways – the house itself, the interest to finance the home, the taxes that a higher tax assessment property attracts, and also the home insurance premiums you have to contend with every year.

And let’s not even mention the higher costs of heating and cooling a bigger home. Décor and furniture cost. Maintenance costs. Renos and upgrades. And, of course, the not-so-small matter of environmental impact.

Certainly, if you can swing it, nobody can begrudge you of your rightly deserved lifestyle.

Defining your Needs

But if your home is starting to feel too big for you, it is time to consider your options.

This could mean downsizing to a smaller home, and if so, you will need to figure out what the ideal size for your new home needs to be.

Are there rooms you can do without? Could they be a little bit smaller without restricting your lifestyle? When downsizing, it is important to be clear on the rooms and features you need (the must-haves), the ones you would fancy having (the secondaries) and those you could do without.

If you want to free up on a lot of maintenance costs, a condo might probably be a good idea. Or townhouse. Sure, there are the additional monthly condo fees involved, but there are no maintenance chores to contend with either.

Calculate the Costs

If the goal is to save money, you will need to run the figures.

Determine how much your current home cost you. This should include the mortgage, insurance, taxes, maintenances, utilities and other costs. With these numbers in mind, sit down and look at a couple of scenarios on how a smaller house might save for you.

While you are crunching the figures, make sure to account for the location you plan to buy the smaller home. If it’s within the same community, there are chances it will save you money. But relocating from an affordable neighborhood to a city center or a state with a higher cost of living could in fact cost you more.

As well, don’t forget to factor in how much it will cost you to move. This is often an underestimated cost that can take a sizeable bite of your profits, defeating the whole purpose of downsizing altogether – if the driving factor is to cut on costs, that is.

Don’t Forget the Emotional Cost

Many people find it hard to move from a house they have called home for decades. There is a big emotional cost involved, we can’t deny that, especially if you have lots of fond memories of the place.

If you are thinking of moving to a log cabin nestled in a less crowded area, or a bungalow by a white sandy beach, consider the relational costs of being farther from established relationships and family.

The reasons for downsizing may outweigh the emotional costs at the end of the day, but it is important not to overlook this aspect.

Evaluate other Potential Options

Downsizing is not the only way to avoid empty nest syndrome – or saving on housing costs.

One way to kill two birds with the same stone is to take a lodger. Renting a part of your home’s space can bring in some extra funds while breathing some much needed life into your home.

This might actually be a lucrative venture if you reside in a highly coveted area.

Alternatively, you should consider renting a home yourself.

If you are thinking about downsizing, the rental idea is worth contemplating over. Reason being taking this route could actually bring down your overall housing costs, not to mention additional costs like yard work and carrying out repairs.

Renting doesn’t work out for everyone, but it is worth considering especially if you are wondering what to do with your now big home during retirement.

Whatever your needs are, we at Shiny Key Properties can bail you out of your predicament. We can purchase your home, sell you a smaller property or even secure you a rental if it’s your wish.