Time to Start Thinking about Downsizing Your Home? 

Maybe your last child is finally out of the house and on their own.  Or maybe you’re ready to retire and want more free time.  Now might be the right time to start thinking about downsizing your home.

In today’s fast paced world, you may find yourself feeling overwhelmed by your stuff.  You’ve spent a lifetime accumulating the things you love, but now it all just feels like clutter.  The pursuit of a simpler, more fulfilling lifestyle may have you thinking  about downsizing your home into something that better reflects your current interests and lifestyle.

If you’re still living in the big house with a big back yard and too many bedrooms, transitioning into a home that better reflects the next phase of your life probably sounds pretty appealing at this point in your life.

No matter what phase you’re in  – there’s a few things to consider as you evaluate whether now is the right time to downsize and start planning your next steps.

THE BENEFITS OF DOWNSIZING

 

1) Financial Breathing Room –

One of the most immediate benefits of downsizing your home is the potential for cost savings.  Smaller homes typically come with lower, (or maybe no),  mortgage, lower property taxes and utility bills.  By reducing your housing expenses you can free up money for things you’ve been wishing you could do  – like travel, hobbies or just feeling more financially stable.

 

 

2) Less Clutter –

Moving into a smaller home forces you to make decisions about what you need and prioritize what you want to keep.  Downsizing forces you to declutter and evaluate your belongings, which generally leads to a more organized and peaceful living environment.

 

 

 

 

 

3) Less Maintenance – 

 

Inflation has impacted every facet of homeownership. Monthly maintenance costs have skyrocketed; utilities, housekeeper,  pool and gardening services, handyman repairs not to mention, the unexpected.  The cost of maintaining a home has become expensive. A smaller home requires less maintenance. A newer home, will need less repair so you can focus your energy on doing the things that bring you joy and fulfillment.

 

 

 

4) Downsize to Better Suit Your Lifestyle  

 

Less time spent each week with the gardener, pool service, tree trimmers and home repairman – probably sounds like nirvana.   Moving to a smaller home that needs less, or maybe a condo where the maintenance is taken care of for you, may be a great choice.

 

 

5) Downsizing Your Home to Be Closer to Family  

Are the kids and grandkids too far away for easy visits and the visits are becoming fewer and further between? Relocating to move closer to the family as you downsize at the same time, will help bring the family together in more ways than one.  They want you to have a simpler life too.

 

 

 

 

 

6) Closer to the Things You Want to Do  

Interests change over time. When you were taking the kids to school everyday, your time and network of friends were likely school or work related.  Now, with more free time and less responsibility – maybe playing golf, dinner with friends and catching a live performance at the theater are more your style now.  You can downsize and move closer to the activities you want to do.

 

 

 

7) Downsizing Your Home for Future Needs  

We’re all getting older and thinking about how you’ll navigate around in your home is something to think about.  Single level, no stairs, wide doorways are all things you may want to look at as you downsize your home.

 

 

 

8) Lower Monthly Mortgage –

Home prices have appreciated, in some cases, a lot.  If you’ve owned your home for a while and have built-up equity, you may be able to sell and buy your next home without a mortgage at all, saving that big monthly expense and possibly helping to fund your retirement.  Or pay off debt and still have a nice down payment for your next home.

 

 

 

 

PRACTICAL TIPS FOR DOWNSIZING YOUR HOME

Before embarking on the downsizing journey, take time to identify what truly matters to you.  What are your priorities in life? This could include spending more time with family, pursuing a passion, or reducing financial stress.  Understanding your priorities will help guide your decision making process.    Here are a few things to keep in mind as you begin.

1) Declutter Ruthlessly

 

Start the downsizing process by decluttering your current home. Go through each room and evaluate your possessions.  Do you use that item….really? How long has it been since you’ve used it?  Is it adding value to your life?  If not, sell, donate, recycle or throw away.  Remember the more you declutter now, the less you’ll need to move when the time comes.  START EARLY Don’t wait until packing time to start purging.  Take inventory to assess what needs to be moved don’t forget the attic and garage.

 

MAKE FOUR PILES
The easiest way to stay organized is to create an inventory list.  Create four piles for excess items; Keep, Donate, Sell, Throw Away.  No maybe pile, be decisive.   Once the excess items are gone, now you can start packing what you plan to keep, pack and label each box.

NOT JUST IN CASE
Gear from years gone by, now is the time to purge.  Don’t bring anything with you that you haven’t needed or thought about in years, just in case you might want it.

GO DIGITAL
Digitized all of your old family photos, CD’s, DVD’s, even the kids artwork from school – convert into digital formats and save them on the cloud for easy access.  If you don’t have time or not sure how to do it, there are services available that will do it for you.

PURGE TO DOWNSIZE

• Extra Bed linens and blankets
• Expired medications
• Clothes that don’t fit or out of style
• Large Kitchen appliances you don’t use
• Over-sized furniture that takes up too much space
• Unused exercise equipment

KEEP

• Important documents such as diplomas, birth or death certificates, passport, Social Security or Medicare docs
• Emergency Kit (no matter where you move to, you need some basics; toolbox, stepladder, extinguisher, 1st aid kit to name a few)
• Full sets – keep at least one full set of dishes, flatware, glasses, tools

 

2) Choose the Right Space

 

 

When searching for a smaller home, consider the layout and functionality carefully.  Look for a space that suits your needs and the lifestyle you want, does it align with your priorities.

 

 

 

 

 

 

3) Embrace a Less is More Mindset –

As you move into your smaller home, adopt a minimalist mindset.  Don’t bring anything that doesn’t have a place to go.  Measure each room and sketch a floor plan.  This will help you see what goes where and if it will fit in your new home.  Any furniture that’s too big, sell or donate it ahead of your move.  Make sure your bedroom furniture will fit in the new space.

 

 

IS NOW THE RIGHT TIME TO DOWNSIZE?

Ideally, you would sell in a sellers market and buy in a buyers market.  But timing that perfectly is pretty difficult.  As a skilled Real Estate Professional, we’re here to help guide you as you move through the process, we have a great guide that might help as you consider how and where to start. How to Maximize Your Home Sale.

If you’re thinking it might be time to downsize your home, but need to sell your current home so you can buy your next at the same time, there’s more to consider as you make your plans, here are a few tips  How to Buy and Sell a Home at the Same Time

The most important factor as you start the process downsizing your home, is finding a top notch Real Estate Professional, we’re worth our weight in gold and it matters who you work with.  I work frequently with clients who are downsizing and know how to help you navigate through the process.  If you would like to talk more about downsizing your home, give me a ring.  let’s talk about how your goals can fit in this market.