6 Things to Consider When Downsizing Your Hom

6 Things to Consider When Downsizing Your Home

When maintaining your house starts to be more effort than it’s worth, it might be time to downsize. Downsizing is a great option for many seniors because it can reduce the price of mortgage payments, in addition to freeing up equity from a current, bigger home. Here are a few things you should consider when downsizing your home.

1. Size of future home

Some experts recommend a smaller home, even as small as 1,500 square feet. A house this size allows you to maximize natural light, keep everything accessible and organized, and still have room for guests or visitors. Think about how much space you need and what you can handle. Some people still prefer a lot of space and want extra rooms, while others may enjoy smaller settings.

2. Physical needs

One of the biggest advantages of downsizing is it fundamentally changes your relationship with the things you own. It also encourages you to find purpose for keeping objects or using a space. Additionally, it encourages multitasking with some areas and is designed around the specific needs of an individual. If you have some physical needs that will restrict your movement or mobility, look into one-story houses or houses that already have modifications built in for you. 

3. Neighborhood environment

Studies show that your neighborhood environment can influence physical activity and fitness. This is why knowing what resources or opportunities a neighborhood offers is important. You also might be more interested in moving into a neighborhood that has people your age living there, since socializing is especially important for seniors. There are some affordable retirement communities that are perfect for downsizing.

4. The cost to sell your home

Selling with a realtor has a built-in set of fees that can make the selling process much easier, but remember that there are other costs of selling including home repairs or fees associated with staging a home. You will also have to pay your realtor a commission. If you’re looking to save money, think about all the hidden costs that can really add up. Hidden fees include keeping on the water and electricity even after you’ve moved out, homeowners association fees, and other closing costs. Plan for other hidden costs that may come up.

5. Look online for houses

Researching online for your dream home can get a lot of anxiety out of the way. You can research neighborhoods you might be interested in moving to and learn about the costs and sizes of available homes. You might even get a more accurate idea of how much you should sell your own home for if you research housing in your own area. 

6. What to keep

Sort through the things you own and decide what to keep. Some items may have genuine sentimental value, but not every item is equal. If you haven’t used a certain item in the past year, consider selling or donating it. You can also do this in increments; for example, you could start in one room of the house and make a goal to declutter that area first and give yourself a deadline. Move onto another room once you’re done.

One article from the Huffington Post recommends that when finding a suitable home to downsize to, remember three simple words: simple, safe, and social. Finding a home that satisfies all these requirements will help provide a life that preserves independence and quality of life. A whole host of benefits will also accompany your choice to downsize, as long as you prepare carefully.