Maybe your 4 bedroom, 3,000 sq ft home may seem a little too large and you are thinking of downsizing to a smaller 1,600 or 1,800 sq ft House or Condo. Deciding to downsize is a HUGE decision!Here’s our take on what you should consider if you’re thinking about downsizing your home…
There are many considerations when it comes to downsizing, which generally entails moving to a less expensive—not just smaller—home. If you can earn a tidy profit on your home after selling and moving costs, downsizing is one way to boost your income during retirement. It will add to savings and ideally generate a higher level of investment income on your larger nest egg. What opportunities and doors would that open for you? Travel? Paying off debt? Spoiling the grandchildren even more?
Downsizing can often cut your monthly expenses very substantially. You’ll have a lower tax bill, lower utility expenses and generally lower maintenance expenses. This includes lawn care, snow removal, gutter cleaning – the list goes on. Let’s not forget, fewer carpets to vacuum, dishes to wash, and windows to clean. It also means less stuff to break and repair. This creates more time and energy to do other… enjoyable things.
Many will soon take up the challenge of cleaning out their present homes and scaling back on a lifetime of belongings. That idea can be daunting for those who enjoy and treasure their possessions, but many also find it liberating to divest themselves of “stuff.” Start months ahead and sort one room at a time. That gives you time to think and is less draining than attempting everything all at once. If you aren’t using something, the chances are that someone else will both appreciate and use it. While it’s nice to have family heirlooms and keep items that are personally significant to you, you probably don’t need every greeting card or concert ticket stub. Make a point of moving just the important stuff with you (they’ll be more important to you that way too). Consider donating kitchen appliances and gadgets, clothes you’ll never fit back into, sports equipment from before you had problems with your knees, etc. In your new smaller home you likely won’t have room for two sets of dishes and glasses. You deserve to use the good China dishes everyday!
Caron Koteles Riha is an Associate Broker with the Real Estate One.
She works with buyers and sellers daily through this transition and is happy to confidentially discuss options!
You can email her at Caron@CaronKoteles.com or call or text Caron directly at