Are You Truly Ready To Downsize? 9 Questions To Ask Yourself
There’s a host of reasons for downsizing to a smaller home. Whatever your motive is for downsizing, an honest evaluation of your expectations is essential to make an informed decision. That’s why real estate agents say it’s wise to ask yourself these questions before you even start looking for smaller homes.
- Does it make financial sense to downsize? Moving into a smaller home doesn’t necessarily mean you’ll be saving money. There are also homeowners association fees to consider if you’re downsizing to a condo or townhouse.
- What are the financial implications of selling my home? There’s more to consider than just how much you’re going to get for selling your home. There’s also local real estate transfer taxes, loan payoffs, home warranty, commission fees, etc.
- What am I most excited about leaving behind? While moving into a smaller house may have clear advantages—like less cleaning and yard maintenance—it’s essential to ask yourself if you can break the ties with your larger beloved family home.
- Where will I park? If you aspire to downsize to a city where mass transit is the preferred transportation method, what will you do with your current vehicles? Will you be able to park on the street? Will you have to purchase a garage space if you choose a condo? And there are considerations for the suburbs, too.
- What will I do with all my stuff? Here’s a twist: “You should really think about what you want to keep instead of what you want to get rid of,”advises Head.
- Should I consider a condo instead of a smaller house? A smaller house can give you more space and privacy from your neighbors—but you’ll still
have grass to mow. A condo is typically cheaper, has less maintenance and upkeep, but you might not save as much as you think once you factor in HOA fees.
- Is the floor plan practical for your needs? When you’re downsizing, every square inch counts, so an optimal floor plan is critical to maximizing
space—and your happiness.
- Where do I want to move? If you’re one of the many people who can work from home, you might be inspired to set up your home office in a new city or state. But before you pull up the homestead stakes, be sure to find out if your new neighborhood has the services and lifestyle options that are important to you, Gladson says.
- Am I ready to downsize? This is a question that can only be answered once you start looking at homes, Head says. Being mentally prepared is critical, and you’ll have to be honest with yourself and assess all the factors that will affect your life, or you’ll regret your decision to downsize.
*Courtesy of https://www.realtor.com/