Downsizing Considerations
There are many reasons to consider downsizing. Once you’ve made up your mind that it will be the best option for you, take care to mull over a few things ensuring the best possible outcome. We look at what downsizing considerations you should always take into account.
Among the reasons people cite for downsizing are retirement, energy savings and the ability to lock and go as you plan to travel more. Sometimes it is simply time to move on, and free up some money for retirement or children’s college education.
First consider your lifestyle – how much time are you spending at home? How often will you be entertaining friends and family? Would Christmas and thanksgiving be comfortable with all the kids and grandchildren visiting? Of course, don’t stay in a big house just because you’ll have occasional guests. If your first instinct is that everything can go it may be time to sit down and start packing the unnecessary items in boxes to reveal what you want around you when you move on.
Next, think of what you are willing to part with when you downsize – a smaller space inevitably means less stuff. It may mean that you have to let some heirlooms go or pieces of furniture that hold many a precious memory for you. On the benefit side, it is cheaper to heat a smaller space, and you may be able to afford some luxuries instead of the square footage such as a kitchen or den to love.
Consider if your house will sell for a profit – in other words will it be a financially wise move or will you end up regretting it with added costs in your smaller yet newer home. At this point, it is prudent to think of how much it will take to make your house attractive in the market.
Do a room audit – sit down and think of where you spend the most time in your home. Then plan the new living quarters purchase around the facts of your lifestyle. If you love entertaining in your kitchen, be sure that your smaller house has a perfect open-plan kitchen that allows for entertaining and preparing those gourmet meals.
Do you have a wish list such as living in a walkable neighborhood, gated community, with a beautiful garden or on a golf course? Perhaps think of what you are willing to let go (i.e. an extra bedroom) to get what you have been longing for as long as you can remember.
In the end, you have to take care that the final home you settle in as the years go by must serve your purposes. Invest the time to make the best decision for your specific situation. Get expert advice if you feel out of your depth and most importantly don’t let anyone bully you into a move that you don’t want.