People downsize for all kinds of reasons. Whether you’re looking to save money, clean less, or live in a better location—moving to a smaller home can have a plethora of benefits.
Tips for Downsizing to a Smaller Home
Unfortunately, less square footage doesn’t always mean less stress.
Moving is frustrating as is; adding such a drastic change can make things even more difficult. Before you give up on your small (in a good way) dreams, read this article for tips on downsizing to a more compact home!
Take Stock of Your Belongings
When living in a larger home, you’re bound to accumulate a good number of things. Sometimes, you end up with more stuff than you really need to live a comfortable life. If you’re planning to downsize to a smaller home, you may want to comb through these items and cut down on what you’re bringing.
In order to prevent overcrowding in your new abode, consider cutting back on items such as:
- Duplicates – You may find that you have duplicates of items you simply don’t need. Whether it’s kitchen appliances, tools, or other miscellaneous gadgets and gizmos, make sure you only have one of everything (it’s your home, after all, not Noah’s arc).
- Furniture – The couch you chose for your 300 square foot living room is going to look a bit silly in a 100 square foot den. Take a look at your current furniture set up and determine what will actually fit in your new home. Any pieces that get the boot can be sold to help pay for moving expenses!
Make Sure It’s Financially Beneficial
You’ll want to know the market value of your home before you can choose the optimal downsized property. In an ideal world, the profit you make off selling your old house will pay for the new one—though it doesn’t always work out this way.
If you’re looking for alternatives to help you finance your new place, you’ve got some options:
- FHA loan – Federal Housing Administration (FHA) loans, typically offer lower interest rates and down payments than a standard mortgage. This may be the perfect alternative for homeowners whose credit took a hit from their previous property.
- VA loan – Protected veterans may be eligible for a low interest, zero-down Veterans Affairs loan. If you’re not sure how to qualify for a VA loan, you can find the application information online.
- Rent – The final alternative to purchasing a new home is switching back to renting. Though this may not be ideal for everyone, finding a rental will require significantly less money upfront and have lower credit qualifications for approval.
Consider How Much Space You Need
Depending on your reasons for downsizing, the space you’ll need will differ. For example, if your children have moved out, you’ll need fewer bedrooms than before. On the other hand, you may want the same number of rooms, just in a smaller package.
Consider what the must-have features are for your new piece of real estate, and determine how big of a downsize you’ll be making from there. These factors may include:
- Number of bedrooms and bathrooms
- How many floors
- Land surrounding the property
- Recreational spaces
Here’s the bottom line: downsizing doesn’t have to be a loss. It’s possible to ditch unnecessary square footage without missing out on the features you truly want in your home!
Downsize to Your Comfort Level
Don’t let obstacles stop you from having the home you want.
Say goodbye to your old, drafty McMansion and opt for something cozier. With these tips, the process should be as easy as your new home is cute (and that’s saying something)!