Americans tend
to think that “bigger is better.” However, this is not always the case.
Downsizing has many benefits, such as minimal maintenance (which frees up your
time and money!). Many people decide to downsize once their children move out
of the family home. It’s common for adults 55+ to move out of single-family
homes in the suburbs and into downtown condos and lofts. Downtown is appealing
because many of the neighborhoods are within walking distance to shops, work, restaurants,
and nightlife. Condos and lofts are attractive because they are low-maintenance
and more eco-friendly. Still, downsizing is hard, because often we hold onto
fond memories of living in a certain home.
There are a
number of factors to consider before you decide to downsize. First of all, how
important is home size? Do you really need his-and-her offices, or could you be
perfectly happy with one home office? This is simply a matter of personal
preference and needs. It’s important that
downsizing feels like a step forward. If it doesn’t, perhaps downsizing is not
for you. Nonetheless it’s best to be prepared for a trade-off. You might get
less space and sacrifice a few of the luxuries of a bigger home in exchange for
a lawn that takes less time to mow and a home that is less expensive and easier
to clean. Downsizing is all about prioritizing yours wants and needs and
weighing the pros and cons of your options.
Also consider
how future scenarios may affect your lifestyle. Is it possible one of your kids
will move back in? Do you sometimes host guests that would require a separate
quest bedroom or an in-law suite?
It’s essential
to consider costs. Downsizing will save you money because you are buying a
smaller home and likely selling a bigger, more expensive home. It will also
save you money through smaller mortgage payments, less property taxes, and
reduced utility bills. Still, moving always costs money. You may need to buy smaller furniture: large
furniture suffocates small spaces. Consider selling your too-big furniture and
unneeded possessions at a yard sale or on EBay or Craigslist. You also may need
to rent a storage unit, if your new home cannot properly store all of your
family heirlooms.
Finally, ask
yourself what type of property you are looking for when you downsize. I have
mentioned that lofts and condos (“attached homes”) need the least amount of
maintenance. However, expect to pay monthly Home Owners Association (HOA) fees,
which go toward maintaining the building. Sometimes, buildings with HAOs impose
rules on their residences. On the bright side, many come with amenities, such
as a gym and/or pool. Some people may prefer a single family, detached home.
This option is most attractive to people who want a larger yard, more garage
space, and other features that condo living falls short on. For people who have
spent a long amount of time in a rather large home, it may be too much of a
sacrifice to move into a condo that will likely be much smaller. Either way,
pay attention to the neighborhood or area you want to be in. Do you want to be
close to downtown? Is it important to live in a walkable, bike-friendly
neighborhood? Do you prefer to live in a neighborhood with fewer children—maybe
a development removed from schools?
Once you decide
what you are looking for in your new home, go ahead and hire a realtor to help
you in your search. I have experience with clients who are downsizing; contact me to see how I can help.
If you are
building a home, seek out builders who specialize in smaller homes. HGTV
recommends building a ranch or bungalow for optimal low-key living.
