Downsizing Tips – When it’s Time to Downsize
Each year, millions of homeowners are faced with the decision to continue living in their present home or downsize-as some say, “right-size.”
The purpose of this guide is to provide you with a more strategic approach to making this important lifestyle-related decision.
As a Berkshire Hathaway HomeServices Real Estate Brokerage, we are quick to point out that each person, couple or family represents a different set of circumstances and lifestyle objectives. That said, there are common decisions facing all who want to make the best choices regarding changing from a larger to a smaller home.
While the importance of location is resoundingly referred to by real estate professionals, buyers, and sellers of real estate alike, not enough attention is given to timing. When is the right time for you to downsize? And where do you think the best and most desirable and attainable location might be?
Determine Your Needs
To help you determine the right time, place and type of real estate/lifestyle, we encourage you to consider which of the following lifestyle factors play an important role in your decision to downsize:
- Lower maintenance costs
- Cash-in-home equity
- Increased walkability
- Improved ecological footprint
- Increased transportation efficiency
- Proximity to services
- Reduced cleaning time and effort
- Retirement or preparation for retirement
- Proximity to children or grandchildren
- Reduced taxes
- An opportunity to declutter
- Health care and/or mobility
- An active community Change
- Proximity to recreational activities
- Improved resources for pets
- Less driving
- Proximity to work
There are many factors to consider when downsizing and the importance of each may differ from person to person.
Berkshire Hathaway HomeServices Snyder & Company Realtors have learned that many individuals, couples and even some families feel a sense of freedom after downsizing or right-sizing. In many cases for the first time in years, they are free from long commutes, burdensome levels of maintenance, high taxes and excessive dependence on their automobiles. Moreover, many who downsize also find that their lifestyle enlarges substantially as they become more involved in the community. This joy is due to added convenience and their freedom from housing maintenance.
Lifestyle advice when contemplating downsizing
- In most cases, do not rent or buy your next home until your present home is under contract.
- The tips on this page should provide you with more time to prepare your home through staging for sale compared to when you feel pressure to sell.
- If there are possessions in your home that are important to grown children, consider asking them to remove and store.
- Consider reducing the space in which you currently live as a way of preparing for a smaller home.
- If you’re considering moving to a residence with a homeowners association, be sure to read the association documents regarding fees and potential increases carefully.