Is Downsizing to a Smaller Home a Smart Decision?

Olive Rios
August 6, 2019

 

 

There are many things that could push someone to downsize to a smaller house. Maybe your financial or familial situation has changed, and you’re forced to explore the option. Or you may want to exchange space for a prime location. Either way, there are some things you’ll need to be aware of before you make your move. Here are a few factors you’ll have to consider when judging whether downsizing to a smaller home is a smart decision.

Take a Hard Look at Your Finances

Take a look at your finances, and specifically your savings. If you aren’t building a nest egg, you’re literally at the mercy of your employer and a string of bad luck could put you under. If you’re barely scraping by and aren’t able to save because your mortgage payments are too high, then this might be a sign that you should be downsizing.

Are You Actually Ready to Leave This Home Behind?

If this is your first home, then chances are you invested a lot of emotional capital in it. People often only realise how attached they were to their home, neighbourhood, city, or community until after they leave. If you’re very invested in your community, or if you want to stay close to family, you could end up regretting your move later on.

Also, you might miss some of the perks you had from living there. Maybe you were close to the water or had tons of green spaces nearby and realise later that you weren’t ready to switch to the city life. Either way, know that you’ll have to sacrifice some of your lifestyle habits and be ready to adapt.

What Are You Going to Do with All Your Stuff?

If you’re downsizing to a small condo unit or apartment, chances are you’ll have to either leave, sell, or store stuff that you may have. Have you started looking at self-storage units and what you can expect to pay? For instance, places like Safestore offer special offers for people renting a unit for more than 12 months. That is a great option for people trying to downsize, but who may only have use for certain items during certain times of the year. For the rest, you could use local classifieds to either give away stuff, sell it directly, or organise a yard sale.

Do You Actually Need all that Space?

If you suddenly end up with an empty, or nearly empty nest, being in a large home could make it feel even more empty. Do you actually need all this space now? Consider how much you could get for your current home. Maybe you could actually afford a smaller apartment in a better part of the city, or in the city centre if you’re living on the outskirts.

Another sign that you may need to move is if maintenance is becoming too much for you. A lot of people can’t handle the upkeep anymore either because of age or because they simply don’t have the time. Others may want to downsize because of ideological reasons, whether they want to switch to a more minimalist lifestyle or reduce their environmental footprint. In either case, the only choice here would be to make the move.

So, before you decide to downsize, you’ll have to consider all of these factors first. If you’re still unsure, then it might be a sign that you’re not ready to make the jump yet. Weigh the pros and cons, and don’t be afraid to go for a change if you feel it’s time for you to start a new chapter.

 

Other reports by Click Lancashire

Discuss This Article

FOLLOW OUR NEWSPAPER