Bigger isn’t always better, and sometimes downsizing is the best option for a lot of people. This is especially true when it comes to your home. Empty nesters and even people who realize that they don’t need the space they thought they would want to downsize their homes when the time comes, and there are definite benefits to having just the right amount of space that you actually need. If you’re planning on downsizing, here are a few tips that will make your move all the better.
Consider the Monetary Benefits of Downsizing
There are costs associated with moving, but the long-term financial benefits of downsizing will outweigh the short-term costs of moving. If you’re moving from a five-bedroom house to a two-bedroom condo, one of the most significant benefits that you might receive is a lower monthly payment on your housing and lower taxes. Downsizing your home could help you save considerably month to month, allowing for an increase in savings for retirements, or more monthly cash flow to enjoy your retirement. Depending on the home you’re selling, and the home you’re buying, you might be able to purchase your new home in cash, eradicating your mortgage payments. This might not be true in every case, such as if you are also moving to an area where property is more expensive, but if you are moving within the same area, you could either have something smaller but more upscale, or you could reap the monetary benefits of less square footage.
Think About Why You’re Downsizing and What You Actually Need
When you are going to downsize your home, this is the time to decide what you no longer need. If you no longer need the space because children have moved out, a smaller house might be what you’re looking for. On the other hand, if you’re downsizing because you no longer can keep up with the maintenance of your current home, you can consider a different type of home. For instance, you might like a condo which wouldn’t have the same amount of yard work and exterior maintenance as a traditional home. You should consider donating old possessions you no longer need. If you’re in a rush, charities like green drop can accept donations on the go.
Can You Downsize Other Possessions?
When you downsize your square footage, you’ll likely have to downsize the number of other items you have. For instance, if you have an attic, garage, or basement full of 20 years worth of possessions, you’ll likely need to get rid of the things you no longer need. Although this can be difficult, it can also be freeing. If you have heirloom furniture, you can still keep most of it, but you might actually enjoy finally getting rid of your children’s old comforters and clothing, and you can make money from the sales in a garage sale. But personal storage is more popular than ever. That means there are probably some businesses near you that can also accommodate some of the possession you don’t want to throw away or sell. Just be sure that you research storage conditions for your specific items, as some pieces of furniture or clothing can be particularly difficult to store without damage being incurred.
Whenever you downsize, it’s best to have a plan and a timeline. Moving can be stressful and a lot of work, but if you break it into smaller tasks, you’ll have a much easier time.
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