Avoid Making These Mistakes When Downsizing Your Home
When it's time to downsize your home, for any reason, you want to make sure you do it correctly. Maybe all your children have moved out and started their own families. Maybe you simply don't need as much space as you once did.
Downsizing can be a painful process, especially if you make some of the most common mistakes. Let's look at a few of the mistakes you want to avoid when downsizing your home.
Top 5 Downsizing Mistakes to Avoid
1. Forgetting Hidden Costs
Yes, downsizing your home will likely save you money on your mortgage on utilities, but downsizing isn't fee. You still need to be aware of the hidden costs of potential repairs, maintenance, HOA fees, and other costs.
2. Taking it Too Far
Sometimes, when people are ready to downsize their home, they go too far. Maybe you're used to a home with 2,500+ square feet. Going from such a large home to something with around 1,000 square feet might be too much.
Take the time to figure out what you need and what you really want out of downsizing your home. Make sure you don't take it too far and make sure you have enough space to ensure you're happy with your new home.
3. Not Going Far Enough
A very common downsizing mistake is getting a home with rooms you won't use. When you're ready to downsize your home, you might want to figure out what you need and what you will actually use.
You will need a living room, kitchen, bathroom, and bedroom. Outside of these rooms, you may want a guest bedroom and a second bathroom, but you might not need a den or a third or even fourth bedroom.
When downsizing your home, you should assess your actual needs before making the choice. If you're used to a rather large house, anything smaller will feel small, but you might still end up with rooms you simply don't need.
4. Not Downsizing Your Things, Too
When it's time to move into a smaller home, you can't take everything with you. Some of the things you need to eliminate are rather obvious, such as extra mattresses from your kids or bookshelves from their rooms.
Other items are not as easy to figure out. Consider what you really need and take only the things you truly enjoy having. You will likely need to eliminate quite a bit, depending on how small your new home will be.
5. Picking the Wrong Type of Home
Most people will downsize their home when they become empty-nesters. Since you will be approaching retirement, you want to consider the type of home you will need in the future.
A two-story home requires you to climb stairs, while a single-family home requires you to take care of outdoor maintenance or hire someone to do it. Consider a condo or a single-story home to ensure you have what you need as you age, especially if you plan to age in place.
There are several common mistakes you want to avoid when downsizing your home. Hiring a good real estate agent with experience helping buyers downsize will go a very long way to avoiding these common mistakes.