Thinking About Downsizing Your Home? Ask These Questions First.
Do you want to downsize your home? Downsizing comes with many valid reasons. Perhaps you’re doing some spring cleaning, and you want to get rid of some items you feel you don’t use anymore and are just taking up excess space. Alternatively, you may be someone who is in the market for some real estate, and you may be moving to a smaller home.
In many cases, moving to a more expensive area means living in a smaller home, so that’s another reason why downsizing exists. Whether you’re retiring, looking for a fresh start, or you want to clean the house, you must ask yourself several questions before you begin the downsizing process. This way, you don’t toss something you’ll regret later. Here are the questions you need to ask.
Am I Ready to Part With My Belongings?
In some situations, the belongings you toss can be items you’ve collected over the years that are just sitting there. For example, you may have a can opener sitting in your kitchen, and you rarely use cans that need it. For an item like that, it’s simple to donate it.
However, there are times when you may have no clue if you should toss or keep. For instance, your nephew bought you a lovely painting, but you never have hung it up and feel bad getting rid of it. Some companies can help you with the process, such as Everything But the House, but otherwise, it’s your decision. Sorting your items into keep, donate, sell, toss, or undecided piles can help. If you’re still unsure if you want to get rid of an item but you don’t want it taking space, you can always use storage solutions to keep it in there for the time being.
Will I Need My Home Maintenance Supplies?
If you’re moving from a home where you have to mow the lawn to an apartment complex where the yard is taken care of, then you can probably sell that mower. On the other hand, if you’re near retirement age, you may be moving to a home that’s the same size, but you may feel like you’re aging out of mowing the lawn yourself. In that case, you may want to sell your appliances or hire professionals.
That’s one advantage of downsizing. When you move to a smaller home, you have less maintenance to worry about, especially if it’s a rental. Of course, even if you’re younger, maintenance can be a hassle, so that’s something to consider.
Can I Grow Old in My Current or New Home?
When considering downsizing to a new home or staying in your old home, ask yourself if you can grow old in it.
If you’re younger or early in your golden years, you may have no trouble climbing up the stairs in your two-story home. But think about what would happen if you were unable to walk anymore. Do you want to spend a lot to install a stair climber? What about the rest of your house? Downsizing to a smaller house may be easier for you to navigate, and with downsizing, you have less to worry about in regards to keeping up with everything.
Having a home that’s a single story with no stairs to climb may be ideal. But, even if you are fit as a fiddle for your age, think about what would happen if you fell or had another injury that prevented you from accessing everything in your house.
Would Selling My Home Be Worth it?
If you’re considering downsizing, you may think the advantage of you selling a bigger home is that you can spend it to buy a smaller home in the area you’re moving to, but there are some considerations. When you sell your home, you also have to think about
You might have to pay to repair your home and renovate it for potential buyers. Some buyers don’t mind a project home, but most will want a home that looks move-in ready. If you’re an older person, your home might not be as up-to-date, which can deter younger buyers.
It can cost you nearly a grand to stage your home professionally, depending on how large your home is. While talking to a professional can cost money, it can also increase your home’s value and desirability. Still, it’s another cost.
These costs are not accounting for all the moving fees, either. Of course, moving will always cost something, but it’s one thing to keep in mind.
If I Downsize, Am I Really Losing Anything?
It can be a disadvantage when you downsize if every inch of your home has a purpose. If your children or grandchildren were playing in the backyard while you flipped burgers, that might not happen in a condominium. You may be disappointed by a lack of a basement or attic in a smaller home. That big TV you have will seem even more prominent in a smaller space, and not necessarily in a good way.
However, when downsizing your home, you often won’t be losing much. Even if every inch of your home has something, consider wall or ceiling storage. It is possible for you to move and not lose too much. This sentiment especially applies if there are rooms in your home that you do not use that much. You can combine a rarely-used room into a room you use more and find that smaller can be more efficient.
With downsizing, there is no right or wrong answer inherently. However, by asking yourself these questions, you can decide if downsizing is right for you. You might find that moving to a smaller home has many advantages.