Have you felt overwhelmed with your home space? Does most of your space go unused? Are you looking to move closer to family or get away from the city after retiring?
Downsizing your home can be quite a task, but it can be very rewarding if it’s the right decision for you physically, mentally, and financially.
Is Downsizing Right For You?
Downsizing isn’t the right choice for everyone, but it can come with some major benefits if you are ready for it. Your current stage of life, how much you can afford, and how much effort you want to put into maintaining your home can all contribute to whether or not you’re ready to sell your home and prepare to downsize.
Lower Maintenance
When moving to a home with less square footage, there’s simply less to clean and maintain to keep your home running smoothly. When downsizing for retirement, it’s important to think about how much you can manage as you grow older.
Another thing to consider is that downsizing can often lead you to a smaller home in a community setting, such as an apartment complex or a townhome where a Homeowner’s Association takes care of a lot of the maintenance work.
Lower Cost
A major factor that goes into deciding whether or not you want to downsize is the cost of living in a smaller home. If your current home is too much to afford, or if you’d like to start saving a bit more money, selling your larger home for a profit and buying something smaller could really help you put quite a bit into your savings. Smaller homes usually have lower property taxes, lower home insurance premiums, and use less in utilities, so you would be saving monthly on your mortgage and on all your other home-related bills.
A New Place For Your New Chapter
Another reason to downsize your home would be to also move locations at the same time. As you enter a new stage of life, your priorities, schedules, and home dynamics change. Where you’re living may not reflect where you want to be anymore. You may want to consider moving closer to family and closer (or further away) from city life when looking for a new home.
Preparing to Downsize
Once you’ve decided to downsize, you need to prepare your home and your finances and find an agent to help you sell your home and find you the perfect smaller house.
What Should I Do To Prepare?
When downsizing your home, you’ll need to downsize the amount of stuff you can fit in your home as well. To not overwhelm yourself, go room by room and try to declutter decor, closets, and anything else you can get away with. It may be good to get a feel for how much space you’ll need to fill in your new home by deciding how much space you’ll be looking for in your new purchase. Then trim down your furniture accordingly. To help declutter, you can donate or sell unwanted items, pass down sentimental items, and have a limit on the number of things you want to keep for yourself.
When Should I Sell My House?
Selling your home is one of the most important factors when downsizing. Selling at the right time will help you get into the new home you want, with potentially some leftover money for you to use how you need. Selling is tricky to time, so it’s best to work with your agent to know when is best for you. If you’re curious about what your home is worth right now, you can check out our home valuation tool to give you an estimate.
Buying and selling a home is a big process anytime you do it, especially when downsizing. However, the unexpected benefits of downsizing your home can make it all worth it, whether you are downsizing for retirement or just looking to have a more manageable space. Find what your current home is worth and talk with an experienced agent to have a smooth and stress-free experience from start to finish.
