5 Things to consider before downsizing

The kids are adults and maybe even have their own kids now, your house has become too big and you support too many unnecessary loads. Without forgetting those stairs that you must constantly climb. The house you’ve had for a few decades has served you well, but suddenly, it’s a bit big for what you need. The decision to change to a smaller home or so-called downsizing can be difficult. Whether it’s an emotional attachment to a family home, fear of impending claustrophobia or simply being overwhelmed by the starting point, there is a lot to think about before moving on to the next step. If you are downsizing or help a loved one to do so, know that you are not the only one to feel a little intimidated. Are you ready to succumb to the downsizing’s fashion?  Here are some things to consider before making the decision.

What about the memories?

You have raised your children in your current home, and every room and piece of furniture contains special memories. Will you be able to leave those good times without regret? You will also have to sell, give and give a lot of things to move to a smaller house. This process can be difficult, but there will be plenty of room for new memories in your new home.

What is your budget?

First step of any financial plan is to decide how much you have to spend. How much can you reasonably afford for a house? Even if you intend to use the proceeds from the sale of your home to buy a new one, you will have to consider what you will earn from the sale for acquiring this dream home. It is important to remember that the selling price of your current property minus the cost of a smaller property will not be your profit margin. There are a number of costs associated with the move, from realtor fees to utilities. Because these can be higher or lower in different areas, you want to build an affordable budget and look for those costs on your next home to see if they fit that budget. Make sure the Downsizing is the right option for your financial situation. Do not let go of something that big too quickly.

What about the size?

Think about how your identity is wrapped up in your home. For most of us, where we live not only meets our shelter needs but also tells the world who we are. More than any other possession, a home is used by our family, friends and neighbors as a barometer of our status and importance in the community. Moving to a smaller home sounds counter intuitive to the conventional thinking that “bigger is better”. This means that your psyche may feel like “smaller is worse”. Before you change your home, think about whether you can live without this extra bedroom, this large garden or a large family room? If you are used to having a lot of space to entertain, doing crafts, or something else that is special to you, then reducing your house could interfere with your favorite things. However, a smaller space means you will have less space to keep clean, and you will see a significant decrease in your bills. Just make sure you have enough bedrooms for your family and enough space for activities that make you happy.

Will a smaller property meet your needs?

As you get older, your needs change and it’s important to consider them when looking at your next home. You must either find a space that can accommodate your changing needs, or be ready to make another move or two. If you are looking for a home that will last your entire retirement, you may want to look for a home where it is easy to get around. While this may suit your situation now, look to the future. Is the property accessible? Will you be able to walk down the stairs in ten or twenty years? Another consideration is the proximity of amenities: medical and airport facilities, shops, recreation, so you can access even if you cannot drive.

How much will it cost to live in your new home?

Living in a smaller space will not necessarily cost you less. If you are planning to move to an urban area where the cost of living is higher, even a small space could exceed your housing budget. Even if you buy your next home directly, you can find that higher property taxes and daily expenses are constraints on your finances.

How much will it cost to replace the furniture?

When you move into a small house, even the furniture has to be reduced, the large rooms overwhelm the small spaces. So, if you have furniture that is too big for some of your rooms – this large bed cannot comfortably fit into a smaller room, you may feel compelled to get rid of the bed and buy something else. Smaller furniture costs less than larger pieces, so it will be a relief for your bank account. Still, if you spend a lot of money replacing the furniture in order to save money afterwards, you may start to wonder, why am I doing this move again?

After the kids are gone, downsizing your home seems like a logical choice. However, there are many factors to consider before putting your house up for sale. So, before you jump to the gun and move on from a place that holds so much cherished time, be sure to carefully review your decision, and make sure the benefits outweigh the disadvantages.