Downsizing your home is a great way to reduce your expenses and make life easier. Whether your children recently moved out of your home or you simply have more space than you know what to do with, downsizing may be a viable solution to your cost and convenience problem. This guide offers insights into when you should consider a downsize and how to do so properly.
The purpose of downsizing
Every homeowner should consider the benefits of downsizing, and each person who chooses to do so has their own reasons. To help you make the most informed decision possible, let’s take a closer look at what downsizing actually is and when to consider it.
Downsizing refers to using less space in your existing home. Some real estate professionals may also refer to it as selling your home and purchasing a smaller home to save costs, make living easier or move into a more desirable area. It is important to know when to downsize and how to do it in a cost-efficient and convenient manner. Otherwise, doing so may make the process more trouble than it is worth.
When to consider downsizing
Anytime you and your family have more space inside your home than what is necessary, you should consider downsizing, particularly if there are areas of your home that you do not use. You may have more space for several reasons, such as if your child(ren) moves out or if you purchased a home that is larger than what is necessary. Also, downsizing may be necessary or beneficial if your monthly expenses are irrationally high or if you would like to begin saving more money for retirement, moving to a nicer location, more family vacations, etc.
How to properly downsize
When downsizing, you should focus on financial aspects, functionality and long-term effect. A carefully thought-out plan before you begin downsizing is also essential. Consider holding yard sales for furniture and other items that you plan to get rid of, and try and avoid using a storage locker. The goal (for most) is to reduce monthly costs, make the home more comfortable and functional. If a downsize move does not achieve this, then it may not be right for you.
Alternatives to downsizing
As mentioned, downsizing comes in different forms. For some, downsizing means moving to another home. For others, not using unnecessary rooms in your home may be another way to downsize. Another good way to reduce costs, make money and make your home more comfortable is to declutter. A yard sale (or donations) to get rid of all of the stuff in your home you no longer need is a great way to “downsize” without too much cost or effort.
The bottom line
Over the past half-century, there has been a huge move towards larger homes. However, this trend is changing, and you may benefit from a smaller home or a downsized home. Although, it is important to have a plan before you begin.
EXIT Realty Bob Lamb & Associates is Murfreesboro’s most innovative real estate team.
EXIT Realty Bob Lamb & Associates
2630 Memorial Blvd, Murfreesboro, TN 37129