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You’ve been on your own for awhile now, and your house has more space than you could ever use. Some rooms sit for days or weeks without use, and pieces of furniture get dusty from lack of use. You don’t want to move, but it seems like you should. Here are some tips to help you know if it’s time to downsize.
While you might see downsizing as a negative event, indicating financial distress or health problems, there are actually many positive effects that can come from the event. After making the move to a smaller home or apartment, you will likely spend less time cleaning, pay lower utility bills, have less repairs and maintenance, and have more time available to enjoy the outdoors or spend time with family and friends.
There are several questions you should ask yourself if you are considering downsizing.
- Does size matter to me?
You may currently live in a large home, but where did you begin? You likely moved through a small apartment and a small home before moving into your current home. Moving back into a smaller home goes against the conventional thinking that bigger is better.
- Will I miss some features of a spacious home?
Ask yourself if moving into a smaller home will feel like a step forward toward a simpler lifestyle or like a step backward. Are there certain features of your home that you feel as though you couldn’t live without? For example, a large backyard or high ceilings?
- How much will it cost to replace furniture?
Depending on the size of your current furniture, it may not fit into the new, smaller home. Some of the pieces that might not make the move are a king-sized bed or a sectional couch. Although smaller furniture generally costs less than its bigger counterparts, if the costs are too high you may wonder why you’re making the move at all.
- How much will it cost to get rid of things I don’t need or won’t fit?
Remember that your new home will likely have less storage space than your current home. You will need to downsize your belongings, which can include some of the important pieces you’ve collected over time. Before downsizing, you should make a plan for selling or giving away your belongings that will not be making the move with you.
- Will selling my current home cover the cost of buying or renting my new home?
Have your current home evaluated and get an estimation of its market value. From this, you can see what your options are for purchasing or renting a smaller home.
- What should my house look like?
When hunting for your new home, know how small you’re willing to go. Think about the type of home you might be looking for and whether you prefer an attached home, such as an apartment or townhome, or a detached home.
- What should my neighborhood look like?
On the hunt for a new home, location is key. Consider if you’d like to remain in your city, in your current community, or if you’d like to move somewhere else altogether. Also take into consideration if you would like a pedestrian-friendly neighborhood where many establishments are within walking distance.
There are many things to consider before downsizing your home. Make sure you are prepared to make some compromises and adjustments to your lifestyle before determining if downsizing is right for you.
To see how much downsizing could save you visit: http://squaredaway.bc.edu/calculators/move-or-stay-put
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