It’s Big to Go Small: Why You Should Consider Downsizing in 2017

November is the start of that wonderful time of year when we gather with our loved ones over well-made dinners and drinks, enjoying each other’s company and looking forward to the new year to come. Often times, it’s when the adult children come home and decisions are made about what happens next in the life of the family. Have you been thinking about your home lately? Perhaps you are considering downsizing in 2017. This might be the perfect time to make that major change.
Downsizing could mean moving back into the city. Catch a show, enjoy the night life!
Downsizing represents the opportunity to completely change your surroundings. Trading your large suburban home for an urban condo means a more walking-friendly living and opportunities to participate in more cultural events.

Although sales prices have been on the rise since 2013, those increases are leveling off. Baby Boomers (and others) may think about capitalizing on their investment and consider downsizing to save money overall.

One of the best times to downsize may be just after the kids move out of the house, but before you retire. This is because there are significant costs to owning more space than you really need, like property taxes, cost of utilities, insurance, and regular maintenance. Even if the home itself is already paid for, the annual costs of owning a sizable home could be better invested, especially as you near retirement.

Though it is counter to the cultural norm of progressively purchasing larger homes, downsizing has become a popular move for people of all ages and stages of life: some choose it to save money, others to simplify their lives, and many choose it to take on a more eco-friendly lifestyle.

Before making the move, ask yourself some questions about what you value and if making a move is right for you:
Downsizing doesn't mean you have to leave the suburbs. You can choose a smaller home in your community,.
Choosing to downsize doesn’t have to mean choosing a different community. Consider searching for a smaller residence in or close to your current neighborhood.
  • How much does the size of my home matter to me?
    • Is it a symbol of pride, a statement on who you are and what you’ve done?
    • Does it serve all of your needs right now (or does it over-deliver with more space and stuff than you really need)?
    • Will it serve all of your needs in the future (think about stairs, think about maintenance of inside and outside)?
  • Will I miss how much space I have right now?
    • Yes, space means more storage for the people you love and the treasures you’ve collected. If you choose to go small, will you gain by losing or will you feel like you’re missing out?
  • Could major life events affect my living in a smaller home?
    • The unexpected happens: adult children move back home, ailing relatives need to a familiar caregiver. These major events could have an impact on your life if you reduce your space.
    • Consider also your own health: is your master bedroom on the second or third floor of your home? Laundry in the basement? Will your own health remain compatible with the home you currently live in?
Take the time to consider your options and do your homework. Downsizing, just like any other move, is a major decision that requires great care. Though this is a busy time of year, this might be a great time to sit at the kitchen table and talk out the options. Remember, speaking with a trusted Realtor can help you understand the market in your region. The better informed you are, the smarter decisions you can make and the more money you can save over time!