Downsizing your home can be a loaded decision. We spend so much of our lives upgrading our careers, cars and homes that downsizing can feel counterintuitive. Moving to a smaller home can be really beneficial for some families, especially families who have raised their children and are ready to live as empty nesters. Here are five things to think about before you consider downsizing.
- How much room do you really need? As the size of your family living at home changes, your space can change along with it. Maybe you need fewer bedrooms as children grow up and move out on their own. Perhaps as you get older you’d prefer a one-level home so that you don’t have to climb stairs. Maybe that two-car garage is just collecting junk, and you’re perfectly happy parking in the driveway. Consider how many people could potentially need to live with you, if you may have adult children who need to stay with you, grandchildren that may visit or aging relatives who may come to live with you. Plan out how much space you really need when you’re thinking about moving to a smaller home.
- What kind of lifestyle do you want to lead? Your house isn’t just a place to live. For some people it’s a status symbol or a physical reminder of how hard they’ve worked over the years. How attached are you to your current amount of space? If you have extra bedrooms, would you prefer to convert them to a guest bedroom, workshop, sewing room, yoga studio or some other sort of peaceful place you would enjoy spending your days in?
- What are the financial implications? There can be many financial benefits to downsizing. With a smaller mortgage payment, you could have more money to set aside for retirement and pay down other debts. If you have enough equity in your current house, you may even be able to sell your house and pay for a smaller home with the proceeds, leaving you with no mortgage to pay! Though there are many benefits to consider, also factor in any hidden costs of moving, like repairs you need to your current house, HOA costs and tax implications if you’re going to make a large sum off the sale of your current house.
- Can you live with less? People can accumulate a lot of belongings over time. Start looking at all of your belongings and decide if there are things you can part with. Downsizing is a great opportunity to evaluate what things truly make you happy and what things you can live without.
- What inventory is out there? Depending on the market, sometimes conditions are better for downsizing than others. It truly depends on interest rates, overall market conditions and availability of smaller homes on the market.
Looking for real estate services in Gainesville, Haymarket or Bristow? Contact your local real estate expert Belinda Jacobson-Loehle of Jacobson Realty and Home Staging today. Also be sure to sign up now for a FREE copy of my eBook, “The Real Estate Key – What You Need to Know!”
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