Have all or most of your kids moved out the house? Is retirement potentially in your near future? If so, then the possibility of downsizing may have come into question.
When the kids leave the nest, downsizing often feels like the natural choice as the abundance of space is not a necessity anymore. One of the benefits of downsizing is that you have to pay less for your home and have less rooms to clean each day, which means that you have more time to do things you love, such as golfing, shopping, or painting.
Here is a list of factors you should consider when you’re preparing to downsize your home:
1. Money Matters
It is common that a good majority of your money is tied up in a property. Buying a home can easily be one of the largest transactions you make in your life.
By selling your current home and downsizing to a smaller one, it allows you to free up some finances to make enjoying life a little easier. The money that is currently tied up in your home can be used for that Carribean cruise you always wanted to go on.
2. Identity Crisis
For many, the process of finding a property that has lesser value than their current home can be extremely difficult to navigate. Many people find that their home is something they are extremely proud of and attached to.
It can be difficult to see how you can be equally as proud of a home that is smaller and has less value on the market. However, it doesn’t matter how much your home is worth, it’s about what you do with the home that makes it special.
3. Clean Break
Downsizing means that you are going to have fewer rooms to sweep, vacuum, mop, scrub, dust, rearrange, paint, and fix.
The relief of not having to do as much housework and home maintenance in itself can be motivation enough to move. Another added bonus of less rooms to clean is that you will have more free time to do what you want to do, instead of having to stay home and clean the house.
4. Be Our Guest
Entertaining friends and family regularly is important to many homeowners. When downsizing, many people become worried that they are not going to have the space to entertain and allow people to stay over as often, due to lack of space.
However, this is not the case in downsizing. You just have to be smart by using space saving furniture, such as a Murphy bed or a pullout couch. Another way to save space is by using one room for multiple purposes, or by ensuring that where your furniture is placed allows for openness within the space. This will help you to feel comfortable in a smaller home, but still suit all of your entertaining needs.
5. Do What is Right for You
You have to decide what size is right for you when downsizing your home.
For some, it may be okay to go from a 4 bedroom detached home to a 1 bedroom condo in a busy city. For others, they may downsize to a 3 bedroom semi-detached home.
There is no wrong way to downsize your home. Sometimes people look outside of their current neighbourhood, in order to get more bang for their buck. Sometimes people will look in a different community altogether. Regardless, you have to do what is right for you. Most importantly, you don’t want to rush this process.
You want to make sure that you take your time and truly decide what is the best option for you mentally, emotionally, and financially. You will know when it is the right time for you to downsize.
For help finding the right home when downsizing, contact the Paula Mitchell Group team today.