It’s a common misconception that downsizing your home means you’re taking a step back. But upon closer look, you’ll realize a few upsides: saving money and having less clutter in your life. So, if you’re considering downsizing your home or are already in the process, we’ve got three things you need to know.
1. Assess your actual needs.
Thinking long-term is key when it comes to making any future plans, so sit down and map out how much space you think you’ll actually need. Are your kids heading off to college this fall? Do you have an empty guest bedroom or office in your home that you never use? Only you know the amount of space you need, so be wise in your decision and take future plans into consideration.
2. Consider hidden costs
You may save money on monthly mortgage payments with downsizing, but hidden costs and fees can come with the moving process. Your current home may need repairs to make it market ready. Or your new place may need new energy-efficient appliances or more space-efficient furniture that you currently don’t have and would need to purchase.
And be sure to take into account moving fees and property taxes. Or if you’re planning to live in a community with a Home Owners Association, you should be well-versed in how much those fees cost before purchasing your smaller home. All in all, it’s important to do your homework beforehand, or you might find yourself spending more money to downsize.
3. Keep your home functional
If you’re seriously considering downsizing, take the time to go through everything you own and determine what’s really worth saving and what is not. Be intentional about this process and ask yourself what items hold value and worth. A vintage armchair that your grandparents owned likely means more to you than a beaten up department store rug that is easily replaceable. Sell or donate the items that you no longer need to free up more space and allow yourself to live a life of less clutter.
Downsizing is not right for everyone and doesn’t make sense in every situation. However, it is worth considering if you’re looking to save money or eliminate and simplify the excess in your life.
If you’re unsure about your options or are curious how much your current home is worth, we’re happy to help. Give us a call today at (919) 205-3402, and let us answer any of your questions!