Are You Looking At Downsizing Your Family Home?

Are You Looking At Downsizing Your Family Home?
 OMG John 5/3/2017 6:00 AM

The time has come for your last child to move out and you are now an empty nester and this is when the downsizing conversation begins. You no longer need those three extra bedrooms or that oversized back yard, so do you downsize and how do you know where to start?

Here are some tips on downsizing your home:

  • Start making a list that of things you can and can’t live without in your home.
  • Begin thinning out your belongings at least three months before moving out, so you have an idea about what you need to purchase or still get rid of.
  • Even though you no longer have to worry about finding the right school district and the right neighborhood for your children to live in, location is still very important. Find a neighborhood that fits all the needs for YOU.
  • Consider all the costs of your new home. Condos and apartments are nice for not having to deal with maintenance, but you could also get hit with homeowners association fees.
  • Plan for “down the road.” If you think you’ll be in this house well after retirement, maybe consider something that is all one level.  
  • Make sure your stuff fits the space. Before you move in, measure the areas where your furniture will be to make sure you don’t need to start selling your old furniture and buying new stuff. If you aren’t sure how well you will do in a smaller space, try renting for a year or two so you aren’t tied to mortgage.
  • Downsizing your home can leave you extra money to have high-end luxuries, such as granite countertops, a pool, or entertainment systems.

As we know, downsizing can save you money but what exactly are you saving money on?

  • Utilities
    Owning a larger home can mean high utility bills. Downsizing your home can lower the costs of these bills. To calculate how much you are going to be spending on utilities, take how much you are spending yearly on heating and cooling and divide your square footage into that number and that will give you how much you are spending per square foot.
  • Home Costs
    When you buy a large home, you are paying to store your stuff! The less stuff you have, the less room you need to store it. You can find out how much you will be paying per square foot by taking the square foot and dividing it by the mortgage you pay monthly. This will give you an idea about how much you will be saving if you downsize.

One thing to also think about when you're discussing downsizing is buying a new home while also selling your home you're in now.

If you’re ready to start looking at downsizing options, give us a call today!