Preparing to Downsize
Have all or most of your kids have moved out the house and retirement is potentially in your near future, so the possibility of downsizing has come into question? When kids leave the nest, for some, downsizing just seems like the natural thing to do as the abundance of space is not a necessity anymore. Although downsizing may not always be as a good thing it can be because it allows you to pay less for your home, have fewer rooms to clean each day. This means you have more time to do things your 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 particular property. When buying a home it is probably the largest transaction you make in your life. By selling your current home and downsizing it allows you to free up some finances to make enjoying life a little easier. The money that is currently being tied up in your home can be used for that Carribean cruise you always wanted to go on.
2. Identity Crisis – For many downsizing is getting a property that has lesser value than their current home is extremely difficult. For many people, their home is something they are extremely proud of and it is difficult to see how they can be as equally as proud of a home that is smaller in value. 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 – When downsizing it means that you are going to have fewer rooms to sweep, vacuum, mop, scrub, dust, re-arrange, paint and fix multiple times a day. The relief of having to do the housework and home maintenance in itself can be motivation enough to move. The other thing is you will in return have a lot of free time to do what you please.
4. Be Our Guest – Entertaining friends and family regularly is important to many people. When downsizing many people become worried that they are not going to have the space to entertain and allow people to stay over frequently due to lack of space. However, this is not the case in downsizing. You just have to be smart by having space saving furniture such as a Murphy bed or using one room for multiple purposes. This will allow you to feel comfortable in a smaller home but still suit all of your entertaining needs.
5. Demand and Supply – You have to decide what size to downsize is right for you. For some, it may be good and okay for them 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. 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.