There are several reasons why many homeowners think about downsizing to a smaller living space. Perhaps it’s, cashing in on the savings for retirement. Maybe you’ve always wanted to live in a cool modern high-rise apartment. Or maybe all the kids are gone and you just don’t need all that room anymore.
Taking the time to honestly evaluate why you want to downsize is important. Doing this beforehand allows you to feel good about and live with the decision you’ve made to downsize.
Here are a few questions that you can ask yourself before you start looking at a smaller home.
- Will I really save money on downsizing? Moving to a smaller home doesn’t necessarily mean you’re going to save money. Consider whether there are HOA if you are to downsizing to a condo or townhouse. HOA fees will go up every year, so you have to compare these additional costs to your current cost.
- Will you miss cleaning those bedrooms and bathrooms that you never use? If you can say no way Jose, then it’s probably time to move on. Having something smaller to clean will leave more time for relaxing on the patio.
- What are the financial consequences if I sell my home? How much money will you pocket, after the real estate transfer taxes, loan pay off, home warranty, and commission fees? These are all things to consider when selling your home in an effort to downsize.
- Do I have too much stuff for a smaller home? Think about the things that you must keep instead of the things that you want to get rid of. When you decide what you need to keep this will help you answer the basic number of bedrooms question. This will help you know just how small you can go. If you can’t part with some of your “stuff” then you have to consider the cost of storage space.
- Where will I downsize? If you have a remote job you can work anywhere. So the idea of downsizing somewhere else may be appealing. Be sure the neighborhood has the services and lifestyle that are important to you. Making sure that you love the new location is important. You might be living smaller, but do you love the location?
- Do I want to downsize? This question can only be answered once you start looking at smaller homes. This is when you get to see just how small, small is. The living quarters will be tighter and will be very different. This mental preparation is an important part of the decision to downsize.
Be honest with yourself about all the factors that will affect this move. If you consider all of these things you can enjoy downsizing without any regrets.