Most homeowners, at some point or another, will have to face the age-old question: to downsize or to stay in the family home? Whether you’re an empty nester or simply sick of a lot of upkeep, downsizing can be a great option for homeowners who want a change. Here are factors you need to consider before making the move.
The 3 W's of downsizing
1 Who is going to live in the new home?
Before you jump at the tempting prospect of a cozy one bedroom, make sure you take guests into consideration. Do your kids come home from university frequently? Do you often host holiday get-togethers? Your family situation is not going to change, so plan accordingly. You might need a guest bedroom or a pull-out sofa to make your new smaller space work for you.
2 Where are you going to move?
This can play a huge role in the success of your downsizing. Remember, smaller isn’t always cheaper. Moving into a small condo can be a viable option, but it doesn’t necessarily mean you’ll be saving a lot of money. Prime real estate usually comes with a price tag, and people who aren’t used to condo living don’t always take maintenance fees and parking into consideration when making projections about their new housing costs.
3 Why are you downsizing?
Couples with grown children may be ready to leave their grand Victorian home for a more manageable bungalow. Families who want to travel more may opt for a smaller apartment in order to save money and decrease upkeep. Whatever your reasoning, having a clear vision of the purpose behind your move can help the other elements of your relocation fall seamlessly into place.