7 questions to answer when thinking about downsizing
Although many of us may dream about buying an amazing home and staying there forever, this doesn’t happen very often. According to statistics, the average American moves more than eleven times in his or her lifetime. And while early on this often means upsizing – from an apartment to a condo to a house, for example – later on in life, this could be the exact opposite.
Numbers show that almost half of millennials want a larger home, but many more baby boomers want to downsize than go bigger. If you’re thinking about moving into a smaller home, these are the things to consider:
1. Is it worth it financially?
If you bought your home many years – or decades – ago, it has probably increased in value, and perhaps significantly. This could be one of the motivating factors for you wanting to sell.
However, even if you can make a lot of money on the sale, there are other expenses you don’t want to forget. These include making any necessary repairs or replacements before putting it on the market, as well as the moving costs. And of course, there’s the new home you’ll be buying. Carefully running the numbers will allow you to see if downsizing is worth it.
2. How’s the housing market?
When thinking about the financials, it’s important to take a look at the housing market in your area. If it favors sellers, now could be a great time to put it up for sale. If, however, it’s more of a buyer’s market, you may want to wait. Being strategic about when you decide to sell can result in a much larger sale price.
3. Are the kids really gone for good?
If your kids are grown and out of the house, you should be fairly confident that they won’t need to come back before deciding to move. Of course, this doesn’t mean you need to trade in your five-bedroom house for a tiny condo; you could always opt for a home with a guest bedroom or two. Not going ultra-small is also a good idea if you could have older family members who may need to live with you or you anticipate frequent guests.
4. Do you want to be closer to family?
Speaking of family, a lot of grandparents decide to move to be closer to their grandchildren. If your kids and their families live far away – and you no longer have any job obligations, or you can work remotely – this could give you the perfect opportunity to put your house up for sale and find something smaller nearby the kiddies.
5. Are you tired of the upkeep?
As you surely know, maintaining a home – and especially a large home – takes a lot of work. Think about how much time or money you spend just on landscaping. The big, sprawling lawn may have been one reason why you liked the house to begin with, but if it’s now becoming a headache to take care of, why bother? With a condo or townhouse, all of that exterior work will be handled by somebody else.
6. Can you live without all of your stuff?
When people live in a big home, they, of course, fill it with things. Every room in your house is probably full of furniture. Your basement, attic, and garage almost certainly contain tons of stuff. Downsizing to a smaller home also means downsizing your belongings, and you’ll have to decide if you can do this.
7. What about the memories?
Emotion almost always plays a role when selling a home. If you’ve been in your house a while, chances are you have fond memories of moving in, kids taking their first steps, family dinners, and lots more. If your home is very special to you, you may not want to leave it behind. However, you shouldn’t forget that you can always make new memories wherever you decide to live.
If you’ve made the decision to downsize, Dante DiSabato can help you get the best price for it and also assist you in finding the perfect new home. To get started, you can send a message through this online contact form.