Downsizing Soon? Possibly downsizing is something you are considering in the near future. Less maintenance and less expense in a home can be very appealing, but you may want to take some other things into consideration to make a downsizing transition that you are happy with.
- One of the first things to consider is your belongings. How are you going to minimize your possessions? You will want to do this in a way that your new home feels like home and that you haven’t made a sacrifice that you can’t live with.
- Make sure your new home meets your household size needs now, as well as in the future. If you children who have left home, possibly they will be having families of their own and you will want there to be space for family gatherings. Or, possibly a parent or child will need to live with you for financial or health reasons of their own. Your new home should meet needs that may change and will require some flexibility.
- The home’s floor plan is very important. Possibly one level living is important now, or could be in the future. Depending on household members, privacy and personal spaces need to be provided for.
- What it will take to maintain the property is very important as well, with physical and financial concerns to be considered. Your physical abilities can change which will require expense to maintain the home.
- As in any real estate decision, location choice is paramount. Location is important not just from a resale perspective, but when considering future plans to travel, locating near family, social opportunities, medical facility needs, transportation and mobility. If you have hobbies or other activities you enjoy, will your new home choice have opportunities.
- Financial considerations, current and future, play an extremely important part in your downsizing decision. Cost of living varies greatly across the country. The home you are selling now needs to allow you financially to move to another home or area in a way that is comfortable for your financial situation. In addition to the housing prices, the associated community amenities such as homeowners association fees and utilities, as well as local taxes need to be considered.
Most importantly, though, when weighing these considerations you need to remember that life changes. It’s good to have a plan, but if you find that you do need to move again, careful considerations now can make any future moves a lot easier.