People change, lifestyles change, and needs change. And when that happens, you may need to change your home too. Our REALTORS® have helped people find all kinds of homes, no matter what their needs are. For some people, those changes mean they start looking for a bigger home. For others, downsizing is the answer. If you've been wondering if downsizing is right for you, here are some things to consider to help make your decision.

• You need to decrease your monthly expenses.
  If you're thinking about downsizing because of retirement or changes in your financial situation, you need to consider the monthly cost to continue living in your home. When your monthly income goes down, your current housing costs will take up a larger percentage of your budget. If you don't have a house payment, there are still taxes, insurance, condo or HOA fees, and maintenance to consider. With a smaller space, you can often lower maintenance costs, property taxes, and utility bills. For people in markets where housing and the cost of living are very high, downsizing can be a necessity. 

• Your housing costs are affecting your life in other negative ways.
  You may be able to pay your housing costs and bills, but is there anything left to enjoy the things you love to do? If those costs are high enough that you can't save, go on vacation, or visit relatives, that's a sign it may be time to downsize.

• Can your home be modified?
  People often have emotional reasons for staying put. If the kinds of renovations or modifications you need to do aren't possible due to finances or the physical limitations of the space, moving will be your only option.

• You have more home than you need.
  The number of people living in your home has decreased, and there's too much extra space. Starting a new phase of your life in a smaller space can make daily living easier in lots of ways that can benefit you more than that extra space ever would.

• Consider your tax, debt, retirement planning and overall financial situation.
  If you could use more money for retirement or pay off debt other than your home, downsizing can be a big help. Paying cash for a new home out of the proceeds from the sale of your current one, and having money left over, can help with those financial goals. But other people may have tax concerns about downsizing. Consult your tax or financial professional to see what makes sense for your situation.

• You have health concerns.
  Chronic health problems, a degenerative condition, a disability, or even just getting older can affect day-to-day living. Maybe you're no longer be able to do small maintenance jobs around the house or navigate stairs to do your laundry. It can be a good idea to move before the condition of your property declines, and your safety becomes an issue.

• Your home maintenance costs are increasing.
  Either currently or in the near future. If your home is in good shape now, but its age means you'll be looking at replacing major systems in the next 5-10 years, it might be a good idea to move now and let someone who is using their home as an investment make the major repairs.

Once you've decided to downsize, a real estate agent can help you find the right Beavercreek home for sale that fits your needs. Contact Wright-Patt Realty today to find your next new home.