4 Simple Questions You Should Be Asking Yourself Before Downsizing Your Home
Does it Make Sense Financially?
The notion of picking up and moving into a smaller home sounds simple enough right? Well there are many financial implications you need to consider. First of all are you able to sell your home? Meaning are you in good standings or upside down. In addition if need be are you able to come to the closing table with cash if you have to sell your home? Lastly expenses such as condo fees and new yearly tax costs associated with your new location have to be taken into consideration. So be sure to gauge the entire situation from a financial standpoint.
Do I Need Extra Room for Company?
Although you may be an empty nester or just simply want to cut down on your upkeep, be sure to take into consideration the possibility of hosting guests. For example if you have children that moved out of your home, they may want to crash at your new residence and a studio may not be feasible. So be sure to make the right determination in terms of space and bedrooms needed.
Are You Able to De-clutter?
Downsizing also means getting rid of personal belongings. If you don’t want to bear the burden of paying for a storage unit, then de-cluttering may be your only option. The amount of de-cluttering you’re able to do will determine the space in which you wish to downsize to. For example if you are looking to downsize from a 4 bedroom home, going all the way down to a 1 bedroom will take more de-cluttering than you wish to do. So a 2 bedroom with additional storage may do the trick.
Does the Home Satisfy My Needs?
Before moving make a short list of your must haves. Things to consider are location, amenities, proximity to work, as well as outdoor space. Having a list will help you to determine the type of home you wish to downsize to. For example if you have a large home in the suburbs but are looking for a more city feel, close to restaurants and entertainment then a condo would be something to consider. So be sure to know exactly what you are looking for.