There are many reasons for downsizing to a smaller home. Maybe the children are all grown up and moved out, and you found an empty-nest. Perhaps you may get sick of keeping a huge yard and paying high maintenance bills. Whatever the reason for the downsizing, we know it comes with a multitude of benefits to move to a less spacious house. Your time, money, and energy – much of which was once aimed at a large home – can now be spent on other, more important things like family, work, and hobbies. Furthermore, downsizing can help you meet your financial targets. Whether it is early retirement or planning for the future, switching to a more comfortable home would just accelerate the process.
Are you still wondering whether to move to a smaller house or not? Below are 5 things to remember when downsizing to a smaller home.
It's important to think about what amenities (if any) are important for you when you downsize. If you move from a house to an apartment, for example, will you miss out on a private outdoor space? What about a pool, or other leisure activities? Downsizing should not be about losing the quality of your life. So be sure to have the amenities you want in your new home – whether it's a new apartment or a new neighborhood. Moreover, having less space inside your home could make you want to get more outside. Check that there is plenty to do near your new house. Having recreational facilities like a clubhouse or tennis courts will also give you a sense of community.
Close proximity to neighbors
Downsizing to a smaller home in many areas can mean opting for an apartment or condo. Such buildings tend to have residents living next to each other. An apartment building, for example, could have two to 100 or more apartments under one roof anywhere. Before you commit to a smaller home, be sure to ask yourself if you're willing to live near others. If the answer is no, you will have to choose a single-family home over an apartment or condo.
Home office needs
Not everyone needs a home office, but you'll probably need some kind of desk set-up in the new home if you're going to be working. It can be difficult to set up a home office in a tiny house. So, if you need a private office room, make sure that the new home has enough space to satisfy your work needs.
The number of people in your household
How many people do you live with? The answer to that will decide how small you can actually go. After all, it won't be easy to squeeze a family of four into a single-bedroom home. If you're trying to downsize with your partner and children make sure you've sorted out the situation in the bedroom. Will the children be sharing bedrooms and bathrooms, for example? Is there room for young children to play? If you move alone, then there will be fewer space considerations to make.
Your storage needs
It is important to think about your storage needs when you are downsizing to a smaller home. Need a self-storage unit? Do you intend on donating or selling your belongings? Does the new home come with a garage, an attic, or some other storage space? Is it going to cost money to store your stuff? Asking all of these questions will help you define your unique storage needs.