While downsizing your home can be considered the next great chapter in your life, it is understandable if you have some hesitation about going ahead with it. Many of you that are downsizing have raised your children and they have now left home to start the next chapter in their lives. You undoubtedly have wonderful memories of holidays, events and all the great things that have happened in your home over the years. Even more, you are comfortable and familiar with the house you have now. Habit and familiarity are much more comfortable than the unknown of what your new, smaller home will be like.
While the huge financial benefits of downsizing your home can be very enticing, there are some things you should consider before you make your decision to downsize your home to a smaller one.
How is the real estate market?
If you are considering putting your home on the market and downsizing, timing the market is very important. The Real Estate market can be complicated. On the one hand, you want to try to sell your home for as much money as possible. You have to consider where your next move is going to be as well.
For instance, if you are going to move into a smaller townhome or condo, but the market is hot and there are not many available, in the end you will pay more for it, which may cut into the savings you will see from downsizing.
Taking all these things into consideration is a very important first step if you are considering downsizing.
Will you be able to keep your furniture?
When downsizing to a smaller home, you may realize that your current furniture is unlikely to fit into a smaller house. That means you will have to sell your current furniture and then buy all new items for your new home. If this might be the case, do your research. Odds are it’s been quite a while since you’ve purchased furniture and the increased prices may surprise you.
How far away from your family are you going to live?
Chances are, one highlight of downsizing your home is the fact that you can move out of the suburbs and into a city or downtown area with easy access to culture and restaurants. While this is great, the move may end up meaning that you spend less time visiting your children and grandchildren. Before downsizing, consider if you’re willing to move further away from your family. If not, you likely can still find a smaller home in a neighborhood close to your current home and any nearby family members.
