Have you been thinking about downsizing, but are not sure if it's the right move for you? Maybe your kids have left the nest, retirement is on the horizon, or the cost of maintaining a large home just is not in the cards anymore. Whatever the reason may be for choosing to downsize, you will want to think about the following four circumstances first.
Unfortunately, moving into a smaller home does not automatically mean you will be saving money. Although your utilities and maintenance costs will probably be lower, you need to think about the cost of living in your new neighborhood, property taxes, the cost of moving and furnishing a new home, potential homeowner's association fees and more. If your reason for downsizing is to save money, you will want to make sure that the place you are moving to will allow you to do so.
2. Selling your current home
Your financial situation and the ability to sell your home will go hand-in-hand. How much will you be able to sell your current home for in today's market? Will you have to invest in repairs first? Do you still have a loan to pay off? All of these are questions you need to ask yourself if you are thinking of selling your home to downsize.
If you have made the decision to sell your current home, having a trusted Realtor by your side to help answer these questions and get the most value for your home will be a huge help.
3. Living space needed
If you feel like you are at a point in life where you no longer want to maintain the big yard, or the extra bedrooms and bathrooms are empty, then downsizing sounds like the right choice. However, you will want to make sure your new home still has the adequate space to fit your needs. Before purchasing your new home, make sure its floor plan, storage, parking, etc. still make sense for your living needs.
4. Handling your possessions
It can be surprising to realize how much stuff you really own, until you try to move it all into a smaller space. The furniture that you had for your 5 bedroom home is not going to fit in your new 2 bedroom condo.
Before you make the decision to downsize, conduct an inventory of your possessions and figure out what you would like to keep and what to toss. Donating items to local charities, hosting a yard sale or renting a storage space can help cut down on the stress of trying to fit everything into your new home.
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