Are you considering downsizing – or rightsizing – your current home to accommodate your changing needs? Maybe your kids have left for college, you have more space than you want to maintain, or perhaps you and your spouse are tired of caring for a large yard. Here are some important factors to consider as you consider downsizing your current home.
According to Realtor.com, the first thing to consider is how much money downsizing will actually save you. You might be surprised to learn that downsizing does not always save money, so it’s critical to evaluate your expenses carefully. For example, if you downsize your home but move to a more expensive part of town, your bills may actually increase.
The same might be true if you’re moving into an older home which may have an outdated heating or electrical system. Will making repairs or replacements in an older home cost you more than staying where you are? To help make this decision easier, trying using a downsizing calculator to help figure out how moving will affect your finances.
Next, take a look at why you’re downsizing. Do you want to move just so you can save some extra money month to month? Have your kids left for college, or moved out on their own? Do you want to live in a condo to save time on lawn maintenance, or are you tired of climbing the stairs because of health concerns? All of these are valid reasons for wanting to move.
HGTV offers some important questions to ask yourself when you’re considering downsizing. For example, will you miss important things about having a more spacious home? How will different life scenarios pan out if you live in a smaller home? Take a look at your options to see if downsizing is really the right option for you. Will the cost of selling your current home cover the cost of buying your newer, smaller home?
You might also have to get rid of or replace things that you have come to know and love over the time that you’ve lived in a larger home. Know how small you’re willing to go with your home, and make decisions about personal belongings accordingly.
Like any other housing decision, you also need to take in common lifestyle and convenience factors. Will your home have what you need and what you want in it? Is it in a neighborhood you feel comfortable living in? Will you have enough space to live comfortably? Are the services and amenities you access regularly nearby? How much “stuff” will you have to part with if you move?
There are many factors to consider when downsizing or rightsizing. Think through all of them carefully before making your decision. Can’t quite decide? Discuss the choices with your family and consult an experienced Realtor® who specializes in rightsizing. They’ll be able to talk you through the decision more objectively. Good luck!