Is it Time to Downsize?


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Things that let you know it’s a good time for a smaller home.

The decision to downsize a home isn’t easy. After all, a home is filled with memories and tradition; it feels comfortable. Yet, there often comes a time when you realize the house no longer meets your needs and desires. Here are some signals that it could be time to downsize your home.

Your lifestyle has changed

Lifestyles change for many reasons. The kids have moved out and half the rooms in your house are no longer used. You’d prefer to live in a single-story home. Your health or a partner’s health has declined. You’ve lost a partner. You don’t need to remain in your current location for a job. You’re ready to retire in a different location. Events like these often precede a move to a downsized home.

You feel overwhelmed

There’s no such thing as a maintenance-free home. If time, physical and financial constraints make it difficult to handle household tasks, homeownership can start to feel overwhelming. A smaller home with less to keep up—or a condo or apartment where maintenance is managed by someone else—can provide welcome relief.

Expenses are more than 30% of your income

If your mortgage plus what you put into your house for upkeep and maintenance exceeds 30%, downsizing could relieve the financial pressure on your budget. For many retirees, lower income means a greater portion of their budget goes to housing.

Where does 30% come from? This is the figure used by the the U.S. Department of Housing and Urban Development as a measure of home affordability that still leaves money for other household expenses. Depending on your situation, you may be comfortable with more or less than 30%.

You’d rather do other things

Many people get great satisfaction from keeping up their home and yard. If the enjoyment of homeownership has started to wane, it could be because there’s other things you’d like to do—including hobbies, sports or simply relaxing. Downsizing can free up time and money for other things you’d like to do.

While downsizing means letting go of a place you know and love, it also opens opportunities to improve your life, just like you did when you moved into your current house. When you find the right-sized house or condo, we’re here to help with a competitive home mortgage.

Consumers helps thousands of members finance land, first and second homes, and home improvement projects each year. We’d love to help you with a mortgage or home equity line of credit; contact us online or call us at 800-991-2221.

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Consumers home loans

We’d love to help you with a mortgage or home equity line of credit.

Learn more

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