Things to Consider Before Downsizing
When it comes to houses, bigger is not always better, especially if you’re an empty nester or you’re looking for a lifestyle change. If you’ve decided to downsize – for whatever reason – there are a lot of things you need to think about before you make a move.
Understand Why You Want to Downsize
There are many reasons why you might decide to downsize and move into a smaller
home. It could be that the kids have moved out and you don’t need the space
anymore, you might desire a lifestyle change and not want to deal with the
maintenance of a larger home or it could be for financial reasons. Whatever the
reason, it’s important to understand why you’re downsizing so you can figure
out what you need from your new space.
Choose a Location
It may seem like an obvious point but it is vital that you think long and hard
about where you want to live before pulling the plug on your current home,
especially if you’re moving for financial reasons. While moving from a large
home to a small house or condo may seem more cost-effective, it might not be
the case. Cutting the square footage might not save you money if you’re moving
into a more desirable area. Often, downtown condos can cost as much or more as
large houses in the suburbs. Also, keep in mind that condos come with maintenance
fees, so be sure to factor that in.
Figure Out Your Needs
Before you settle on a new home, you’ve got to figure out what’s important to
you and perhaps more importantly, what you can do without. The best way to
start is to make a list of the best and worst features of your present home. Do
you love your big family-style kitchen? Will you miss it if you move to a tiny
condo? What about the backyard? If outdoor entertaining is important to you, a
small bungalow with a yard might be a better option than a condo. And what
about pets? If you have a dog who needs walking, think about outdoor
accessibility. While compromises will always have to be made, there’s no point
in moving to a place that lacks the things you love and need.
Think Ahead
Whenever you move, you need to think about the needs of tomorrow as well as
today. If you’re an empty nester who is getting on in years, this is
particularly important. Townhouses can be great in terms of size and upkeep,
but they tend to have a lot of stairs, which can become difficult as you get
older. The same goes for low-rise apartment buildings without elevators. In
these cases, a condo with an elevator might be better. Also, give some thought
to design, such as barrier-free showers. And think about any helpful amenities
you might want either in the building or nearby in the coming years.