5 Considerations before downsizing

Downsizing is the process of moving from your current home to a smaller one and getting rid of some items throughout the process. So many clients, friends and family have either had to go through or experience someone downsizing, which can be quite stressful with many things to think about. Downsizing can definitely be a great way to cut costs and reduce the amount of time spent maintaining your home, however it’s important to know that it will also be a good financial move before jumping in. In addition, it’s important to know that your new home can support your current lifestyle. Here are some things you might like to consider before jumping in.

Here are some questions to ask yourself before downsizing that you may find useful (summarised from Brendon DeSimone’s publication in realestateanswers.com).

  1. Will your current home sell?

In recent years, the home market has been soft. Some home values have declined, and left owners with homes worth less than they owe. Before you decide to downsize to a smaller home, it’s a good idea to determine what your current home is worth compared to how much you owe.

  1. How much home do you need?

Downsizing to a smaller home can be tempting because it will likely mean less maintenance, lower utility bills, and less housecleaning. Be certain not to downsize too much. Though you may no longer need, for example a five-bedroom home now that all of your children have moved out, it’s likely that you will still want to be able to have overnight guests or room to entertain. Once you’ve bought a home that’s too small, you may regret it for a long time.

  1. What about your furniture?

Downsizing to a smaller home usually means you’ll have to get rid of some items. Be sure that you have room for all of the things you really love. Prioritize your furniture and other large items before you begin house hunting so that you don’t have to give up your favourite things in order to move. This will make finding the perfect home much easier and your stay much more enjoyable.

  1. What rooms do you use?

Evaluate how you live in your current home before you begin shopping for a new home. In your new home, you want to eliminate rooms you don’t use while maintaining your current lifestyle.

  1. What is your wish list?

Downsizing isn’t always about giving things up. Maybe you want to move to a smaller home, but you want it much nicer, like with an outdoor swimming pool. You may decide to trade extra bedrooms and square footage for luxury amenities like living on a golf course or having a backyard hot tub. This may be the perfect chance to get the home of your dreams, even while downsizing.