Downsizing: What’s Really Important When Purchasing a Smaller Home?
Have you ever considered downsizing? Whether the kids are moving out of the house or you’re just looking to rid yourself of extra space, downsizing could be the answer. Downsizing a home refers to when the owner decides to trade their present house for a smaller or less-expensive one. In addition to house owners that decide to move from one house to a smaller home, homeowners could also make the choice to trade in their home for a condo or a townhouse.
Downsizing is not a decision worth taking lightly but it can be extremely beneficial in a variety of scenarios. From spending less money on a mortgage or rent to simplifying your life, there are many beneficial reasons to downsize. Here are a few things to take into account when considering downsizing.
In the event of selling your current home or not, it’s always important to factor in how much you will be able to sell your home for. This will also help you decipher your budget for your new home. Knowing how much house you can afford is a crucial step in the home-buying process and will allow you and your realtor to set realistic parameters on what houses to look at. One of the benefits of downsizing comes with selling your current home. If your current home sells before you close on your new home, this could leave you with additional money to put down on your next offer. That extra money could end up making your offer more enticing to potential sellers.
It’s important to know that the price of your new home isn’t the only factor to look at when it comes to cost. When downsizing you may need to consider storage unit costs if you plan to keep a lot of furniture from your previous home. Moving fees and additional closing costs are other items that may factor into your bottom line. If you move into a condominium it is possible that you’ll need to pay off an existing assessment. This will completely depend on the condo, as well as what has been agreed upon with the seller and buyer.
The old saying “the grass isn’t always greener on the other side” can come into play when it comes to downsizing your home. There are so many unspoken amenities and features surrounding your home and you might not realize you love them until you don’t have them anymore. For instance, if you’re used to a large backyard for the dog to run around in and backyard games during the summer, moving into a condo or a home with less yard space may really change your overall living experience.
On the other hand, you may find new amenities to enjoy in the place you move into. Finding a new place with a community pool, walkability to restaurants and grocery stores, or easy access to the highway may rate higher on your scale and help steer your decision-making process. Moving into a condo or apartment could also leave you with less outdoor maintenance to worry about and modern luxuries like trash concierge services and a built-in gym.
In its truest form downsizing refers to both your home in size and oftentimes your household items too. While you may lose some bedrooms and bathrooms, have you considered any other spaces you may be losing? For example, moving to a condo or apartment will likely remove your potential for a basement space or formal living and dining spaces. Moving into a smaller space may also affect your ability to host. If you often find yourself letting friends and family spend the night or inviting everyone over for Sunday dinners, the loss of a spare bedroom or dining room could deeply impact your housing choice.
When it comes to downsizing, you also have the unique opportunity to try out a new floor plan. Different-sized houses and areas of Kansas City offer different floor plans to accommodate families of varying sizes. Additionally, less space could mean less worry when it comes to household chores. In a home with less square footage, you don’t have to worry about as much cleaning and dusting, especially when switching out vaulted ceilings for standard-height rooms.
The final factor to take into consideration as you’re thinking about downsizing is what your plans are for the future. While downsizing may seem like the right choice right now, is it possible that you might regret it in a few years? If you plan to live independently for the foreseeable future, having a dwelling that includes snow removal and maintenance in your fees may be a valuable amenity. In some cases, an extra bedroom may be needed as family members age and can no longer live on their own. While you can’t account for everything that may happen in life, it could be worth going through a few scenarios with your family and yourself to make a decision you feel most confident with.
Downsize Confidently with the Help of Team Blake
At the end of the day only you can decide if you’re ready to downsize your home. However, Team Blake is a group of real estate professionals ready to help you with every step when you’re ready to make the call. From selling your current home while buying a new one to factoring in the pros and cons of living in Kansas City, Team Blake is ready to support you in all of your real estate needs. If you’re ready to downsize and find the home for your next chapter in life, contact Team Blake today!