Wednesday, July 31, 2013 / by William Culp
Whether you are an adult with an empty nest, recently unemployed, going through a divorce, or even just tired of caring and maintaining for a larger home, it may be time to start the downsizing process. For some homeowners, downsizing may seem like the opposite of what you've worked for your entire life. For others, a smaller home is a thrilling idea due to the decrease in upkeep and bills, and the option of moving to a completely different area.
By deciding to purchase a smaller home or condo, you are potentially saving a substantial amount of time and money that could all be put toward things like entertainment, culture, your children's savings, or that dream car. Even though a lower-maintenance lifestyle may be just the right thing for you, there are a few things to consider first. Be sure to ask yourself a few important questions before making the decision to downsize:
-What will you miss about living in a larger home?
- -Will this choice save you time and maintenance responsibility?
- -Are there any other factors that will affect your decision to move into a smaller home, such as an adult child moving back home temporarily?
- -Will your downsizing be able to handle such unforseen scenarios?
Downsizers must also consider the cost of doing so. Not only will you have to cut down on your number of possessions, but furniture will also need to be downsized. You may have to sell larger items and appliances, and buy anew in order to suit the newer, more conservative space. This may or may not be an issue, but don't fail to consider this as another step in the process.
When trying to find the right house, think about townhomes, condos and lofts as options. Many household duties such as lawn mowing and repairs will be covered for you, providing you with an easier lifestyle and less responsibility. Aim for housing styles that will allow for modest living with minimal upkeep - that is the key to downsizing.
Lastly, choosing a neighborhood is an important part of buying any type of home. For smaller options, try looking in the center of town or downtown. Doing so can keep commuting costs low, provide you with more options and, in some areas, a degree of walkability.
Work with a knowledgeable real estate professional who can help you find something that's just right for you. Downsizing can be a very positive experience for flexible homeowners looking to move to the next stage of their lives.
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