Eventually, many homeowners face the same question: stay in the family home or downsize? Whether you’re an empty nester or simply want lower expenses and less upkeep, downsizing is a popular move for homeowners who are ready to simplify their living situations. Here are three questions to ask yourself to help ensure your downsize is done right.
1. WHAT ARE YOUR GOALS?
What do you want to get from your new home? Lower bills? Less upkeep? Better access to amenities, destinations or friends and family? Your dream neighborhood or location? Make sure you have clear goals for your move so you can effectively navigate the decisions along the way and choose the place that’s right for you.
2. HOW MUCH SPACE DO YOU NEED?
The prospect of a cozy one-bedroom home may be tempting, but make sure you don’t end up with a shortage of space. Will your children come to visit frequently? Will out-of-town family members want to crash there over the holidays? Will you have enough space for your belongings and hobbies? Keep these considerations in mind when deciding how far to go with your downsizing.
3. HOW WILL YOUR EXPENSES AND MAINTENANCE CHANGE?
A smaller home doesn’t necessarily mean lower expenses or less upkeep. Moving from a small-town residence to a big city condo could come with high taxes and association fees. Likewise, moving from a property in a managed community to a standalone home can add significantly to your maintenance tasks. Make sure you understand everything that comes with your new address.
Once your downsize plan is in place, it’s time to prepare for your move. Get rid of the belongings you can’t keep by divvying everything up into categories such as keep, sell, donate and throw out. Host a yard sale, or sell large items online, then use the funds to buy more compact, functional pieces for your new space. Once your work is done and your move is complete, you can relax and enjoy the benefits of a simplified lifestyle in your downsized home.