Things to Consider When DownsizingBy Teresa Cowart in Blog,For Home Sellers. Tagged: Downsizing • Home Sellers • Real Estate Advice • Teresa Cowart
There are multiple reasons why downsizing is a good option for families. One reason is to help aid in a financial situation. High mortgages, and utilities may be enough reason for a family to move into a smaller home.
Empty nesters are also people who commonly downsize. They no longer need the additional bedrooms and square footage, so they opt for a home that fits their new size.
Living a simpler lifestyle is another reason people choose to downsize. Families will narrow down their possessions to just the basic things they need and find a smaller home to live in. Tip: Smaller homes are easier to keep clean!
Does it save money?
In some ways downsizing will save money. Mortgage, utilities, taxes, and any miscellaneous maintenance costs are bills that will go down. However, you may also incur a few costs if you need to redecorate your smaller home with smaller furniture.
Ideally you will be getting rid of many things in the process but some things you may want to keep that just won’t fit in your new home. In this case you may end up paying self-storage fees. If you move from a home into a condo or apartment you may also incur HOA fees.
When is the best time of year to downsize?
There really isn’t one particular time of year that is best to downsize because it is relative to each person’s situation. If you are going through financial difficulties, then there is no better time than the current time to move.
Don’t delay the move if you are going to be saving a great deal of money. If you decide to downsize in nicer seasons of the year, you have the advantage of the nice weather for yard sales to offload your excess possessions.
What places in a house can I cut down on in size?
After making the decision to downsize, naturally the next step is to figure out what parts of a house you are looking to cut out. If you have less people living in the home, you will need fewer and smaller bathrooms and bedrooms.
If you are headed into retirement and want to spend more time relaxing, you may want to opt for a home with a smaller yard to maintain.
If you are looking to simplify, perhaps purchasing a home with smaller rooms may suit your needs. Smaller rooms require less furniture and simplify things a bit.
With a smaller bathroom comes the need to make it feel as large as possible. Check out my tips for making a small bathroom look larger!
Is downsizing stressful?
Downsizing can be stressful simply because you will be parting ways with many different items from furniture to knick-knack’s. Some of these items may have memories behind them and saying “good-bye” can seem hard.
Related: How to Emotionally Prepare to Sell Your Home – Ferris Property Group
Downsizing isn’t just about buying a smaller home, it is also a change of lifestyle and emotions will be up and down through the process. Enlist a friend or family member to help you. They can be a great help in making hard decisions.
Give yourself plenty of time to weigh the pros and cons before beginning your house hunting. Creating a plan will also help in the process of eliminating excess things and packing the most important things.
What do I do with all my stuff?
As mentioned above, planning your downsize as early as possible gives you time to take part in the big purge. Once you have gone through each room of your home and set aside all the possessions that are no longer needed, you have to figure out what to do with them.
Having a large yard sale or finding a consignment shop to sell your items will help you earn some extra cash. If you do not have the time, donate the items to local shelters or thrift stores. Some charities such as Purple Heart, will actually pick up your unwanted items for you right at your home.
If you are tech and web savvy, you can sell your possessions online as well. Tip: Animal shelters are often in need of old towels, blankets or sheets!
Additional Home Selling Advice
- Should I Sell My Home When I Retire? – Investopedia
- How Can I Sell My Home Fast? – Lynn Pineda
- Making the Most Out of a Bad Home Inspection – Teresa Cowart
- 6 Ways to Get Your Home Show Ready – The Keadle Real Estate Group
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