There are many reasons you might be thinking of downsizing. Not only are smaller homes easier to care for, but they’re also less expensive to maintain and can make life simpler in many different ways. Yet, downsizing comes with a few risks that you need to be ready for.
Understand the Housing Market and Your Finances
Unfortunately, downsizing does not necessarily mean spending less money overall. As such, it’s important to consider your local housing market and if you have a chance of finding the right home. Your first step will be to work with a skilled agent like Roger Plevin who has the expertise in helping people buy and sell at the same time. You’ll also need to consider your current financial situation and how much you can afford to spend on a new home (in Boca Raton, for example, home sales have had a median price of around $372,000 over the last month). As you assess your situation, be sure to account for your current income, monthly spending, and how much you’ll need for a down payment.
Know Your Lifestyle
Each of us has a different idea of the ideal home. For some, it’s a condo, where your homeowners board is in charge of maintaining communal space, and your work is minimal. Yet, for others, it’s a safe and easy ranch-style home with a small yard out front and a garden in the back for growing vegetables and flowers. Whatever type of home you prefer, the area that surrounds it will be just as important. Ultimately, the goal is to be happy in your space and have activities you enjoy close by.
Getting Rid of Too Much
The price of moving furniture can be intimidating. In fact, costs can easily jump into the thousands depending on how much you have and how far you’re going. While it can be tempting to toss everything out and start fresh, that could lead to serious regret. If you feel like you’re obligated to get rid of things, you might end up emotionally upset in the long run. Given this, make sure you don’t donate or throw things away for simplicity’s sake, so as to avoid grieving over precious memories tied to possessions.
Decluttering Everything at Once
This process is going to be difficult, but you don’t want to try to stuff it into one single weekend. Not only is it nearly impossible, but you’ll also be adding undue stress to an already stressful situation. However, you can make things easier on yourself by encouraging others to help out. In particular, ask family members to go through their own spaces to see what they can give up, or bring over a friend for an unbiased eye. Of course, it’s best to take things one room at a time, to keep your projects from becoming overwhelming. So, if you find possessions that are too large to haul away immediately, just write them down for removal later on.
Not Appreciating the Costs of Selling the Home
Many people forget about how expensive it is to sell up when we’re downsizing there are sales taxes, agent fees, cleaning costs, stagers, photographers, and even landscapers. Indeed, all of that combined could easily add upward of $21,000 to your costs. For instance, we often need to paint the interior and exterior, have carpets deep cleaned (typically costs $25 to $75 per room), and repairs done to make our property stand out on the market. So, before you put your house up for sale, make sure you’re ready by knowing what the costs are in your area.
Downsizing can be a shrewd decision to make, but be prepared. If you take time to plan out where you want to move and organize your current home, you can make the process much smoother. Don’t get caught up in avoidable issues when you downsize your property.
