Questions to Ask before Downsizing Your Home

Questions to Ask before Downsizing Your Home

The big house has been a place where you have created wonderful memories.  You have an emotional attachment to the place where your family spent time together.  However, some people claim taking the next step to a simpler, downsized residence is the best step forward.  Less space is the place where both young and old consider perfect for their current stage in life.

What is Important?

When your current home no longer fits your lifestyle, income or priorities it simply makes sense to consider the alternatives.  Bigger is not always better.  Instead, consider your physical, emotional and financial needs to determine if it is worth it.

Ask yourself what will make you feel the most freedom and enjoyment?  Does the large entertaining space feed your desires?  Or would you rather be doing other things bring you more joy?

These questions are for both the empty-nester and the young people starting out.  The act of downsizing your expectations of housing in favor of spending time and money doing other fun things is a choice many successful millennials make these days.

Living Large Can be a Burden

Realistically, you can expect to spend more on maintaining a larger home.  Beyond the cash tied up in the big house, many other expenses can be considered.

• Energy efficiency costs
• Mowing grass, trimming and cleaning pool, etc
• Home maintenance tasks as things become worn

Even the antiques and family heirlooms can become burdens with you as the steward. Determine what they mean to you personally.  Think about whether it is time to pass them on, keeping only the most precious and maybe smaller items for the memories.

Balance Your Preferences

Choosing to live in a smaller home can be tough.  It is human nature to want to spread out into as much space as we can afford comfortably.  So, to make it logical, carefully consider the options.

What will you miss if you downsize – make a list.  Also make a list of the things you will be able to do if you choose a smaller home.  This is not a time for a knee-jerk reaction.  Even if you have financial pressure to move, careful consideration will help you avoid regret.

Downsizing Realities

Young people choosing to live in small places are at a distinct advantage over those moving from a large family home.  Their primary challenge is to select furniture to fit the space and confirm they have sufficient storage for all the important things.

For empty nesters, downsizing is fraught with a few dangers of regret.  As you sort through your stuff, don’t create a “maybe” category.  You either love it or need it.  The rest goes into one of three categories: sell, donate or toss.  Consider hiring a professional organizer to help you.

Not all small spaces are the same.  Remember, smaller spaces like condos and townhouses have managed HOA costs.  These Homeowners Associations also impose rules.  Look into the TOTAL costs of living in your future space before you decide to sell.

Many of the decisions made in downsizing are best made with the help of professionals – like the assistance of a real estate agent.  Get them involved early in the process of this transition.