With college students returning to school, and recent graduates getting established in their careers and making plans to move out on their own, you may be considering downsizing your primary residence. Whether you no longer need the space and want to free yourself from the required maintenance or move to a location with better weather, downsizing can be a tempting option. If you’re considering this lifestyle change, read on for insight to determine if this is the best choice to align with your lifestyle.
You’re looking to change your current lifestyle
If you’ve spent the last several decades maintaining a large home in the suburbs, a condo in a high-rise building can feel exciting and new. However, exchanging the suburbs for city living is a significant lifestyle shift. It allows you to live in a building with amenities and have the city’s offerings at your fingertips.
Understand the downsizing costs
While moving to a smaller home may cost less than your existing home, there are other costs to consider. For example, if you sell your suburban single-family home and buy an urban condo, you’ll likely need to buy a parking space and new furniture. Or, if you dream of living on a golf course in a sunny locale, consider the golf club membership fees and other associated costs.
Your home is your family’s gathering place
While never having to host a Thanksgiving holiday may sound appealing, consider how this change may impact your family dynamic. For example, while not having to host for a few years may be a nice break, you may regret this decision long-term. Also, if you anticipate children moving home post-college, having elderly parents move in, or wanting the space for future grandchildren, perhaps you’re not ready for downsizing yet.
Consider how much you’re willing to leave behind
Scaling back can feel refreshing. However, there also may be pieces you’re unwilling to part with and don’t have any family members ready to inherit them. Whether it’s an heirloom piano, china cabinet, or dining set, some of your larger pieces may not be able to come with you to a smaller space. Are you willing to put these items in storage or sell them?
How much space to you need to feel comfortable
If you’re considering downsizing, you likely have space in your current home that you use sparingly. However, think about how less space will impact your daily routines. For example, if you and your spouse go to work at the same time every morning, are you used to having a spacious en suite bathroom to get ready? Or, do you enjoy preparing dinner in your chef’s kitchen every evening? A downsized dwelling may not have the same amenities you’ve grown accustomed to.
