The Benefits of Downsizing: Why it Might Be Time to Scale Down Your Home

Mike and Sandra Ayers had lived in their 3,000-square-foot Colonial home for 27 years, raising their children and creating cherished memories. But as they grew older, those three empty bedrooms still needed routine dusting and window-washing, the extra one and one-half bathrooms sat unused and the 3-car garage had transformed into a giant junk drawer. The couple dreamed of traveling more and keeping up on the house and yard less. Plus, Jack’s arthritis was making climbing the stairs and working in the yard increasingly difficult.

They decided to downsize and purchased a more manageable 1,400-square-foot ranch home, which still had enough space for entertaining and a spare bedroom for their children and grandchildrens’ visits. They were able to pay cash for the new home with the proceeds from selling their old home, they invested the remaining profit in their retirement portfolio. They now enjoy the freedom of living on one floor and maintaining less space, with a smaller yard to maintain.

Moving to a smaller home offers advantages such as lower maintenance and utility costs, lower property tax bills, cheaper insurance, and lower house payments. However leaving behind a home in which you may have built decades of memories is gut-wrenching; but moving to a smaller home does offer some exciting advantages. Smaller homes cost less to maintain and to heat and cool. Going smaller may also may mean a lower property tax bill, cheaper insurance and lower mortgage payments.

When downsizing, like with any major life transition, there are some important things to consider when making this move it’s essential to consider several factors.

Increase your leverage –  Increase your leverage by selling your home and renting temporarily, putting your things in storage, until you buy your new home. Without pressure to buy quickly, you’ll be in a better position to negotiate a lower price.

House or condo – Do you want your next home to be a house or condo? Condos usually cost less and you don’t have to worry about mowing grass or cleaning out the roof’s gutters–the ideal solution for those who dream of traveling. But condo associations can charge sizeable monthly fees, sometimes higher than buyers expect. If you find a condo development you like, we’ll be happy to find out the current HOA dues.

Find something special. Leaving your cherished home that holds so many memories, having to shed some belongings such as heirloom furniture, and saying good-bye to neighbors you love can be emotionally difficult.  So, It’s important to find a new home that has a special quality to help ease that pain. It might be that newly remodeled kitchen you’ve always wanted, or an attractive fireplace.

Finally, it’s best to get rid of excess furniture that may not fit in the new home to avoid making it feel cramped. Too many people try to take all of their furniture to their new, smaller home. Technically, yes, they can make it all fit, but too often, doing so gives the new home a cramped feeling, making it seem even smaller than it is. Make it easy on yourself.

One of the initial steps to getting a home ready to sell involves de-cluttering, which may require making some tough decisions. Think of the first steps in downsizing as de-cluttering on steroids and yourself as a multi-tasking ace as you start this process.

Downsizing doesn’t have to be overwhelming; It’s best to start slowly by decluttering one room or area at a time, beginning with items of less sentimental value can make the process more manageable. Deciding what to keep, give away, sell, or trash requires tough choices, and it’s best to categorize items and make a plan for them.

First, make decisions about what you want to take with you to the new home and what you’ll part with. Items in the latter category require additional decisions: will you give them away, sell them or trash them?

To effectively use the following tips requires having a good idea of how much space you’ll have in the new home. Try to compare the size of the rooms in your current home with those in a substantially smaller home to make it easier to determine how much of your current furniture can make the move with you.
Use large boxes, bins or even designated floor space to separate your belongings in each room according to the decisions you’ve made about them. The giveaway items will need to be further categorized as to whom they will go, for instance “kids,” “charity,” and “friends.”

When handling an item, ask yourself first, how important it is to you. If it’s a “must keep,” then you’re finished with that item and you can pack it. If not, ask yourself how it fits with your new lifestyle. “If you don’t entertain anymore, don’t bring a ton of serving platters to your new home,” Ann Bass, a senior-move manager in Asheville, N.C. tells the Wall Street Journal.

Overall even though there’s a lot to like about a more minimalist lifestyle and downsizing can be a liberating pursuit for some, for others, it can be a terrifying experience.

If the thought of ditching your belongings and moving into a smaller space makes your heart beat quicken and your palms moist, don’t think of it as “downsizing,” suggests the National Association of Senior Move Managers. Instead, consider it “rightsizing, to help ease any anxiety, and finding a home that fits your lifestyle and budget.

The Ayers are not alone in their decision to downsize. According to a Merrill Lynch/Age Wave study, 51% of retirees had moved into smaller homes, and only 7 percent of retirees surveyed said they had moved into age-restricted retirement communities and Sixty-four percent of those surveyed said they had downsized to lower their housing costs.

Downsizing isn’t just for retirees nor is it something unique to empty nesters. The urge to minimalize can happen at any age and at any stage in life.

All in all, downsizing can be a practical and beneficial decision at any age or stage of life, but it’s important to consider the emotional and practical aspects of the process to make the transition as smooth as possible.

We hope you have found these tips for downsizing helpful, and we eagerly look forward to helping you enter the next exciting phase of your life.

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