Downsizing to a Smaller Home

You’ve been there for them through their bumps, bruises, bogeymen and breakups. But now that your children are grown up and out of the house, it’s time to consider downsizing to a smaller home. Many empty-nesters choose to downsize since it reduces utility bills, home payments, and the work required to keep up with a larger home.

Downsizing doesn’t have to be a drastic change, but keep in mind that moving can be both emotionally and physically draining. Here are three important tips to simplify the downsizing process:

1. Take stock of your necessities

Write a list of the things you absolutely need to bring with you prior to your move so you can get organized and start reducing excess clutter. Don’t forget that some items can be put in storage if you will need them in the future.

2. You don’t have to choose a condo

Although many empty-nesters turn to condos in over-55 communities for their new home, it’s important to review all your options. Condos are great for those who want reprieve from mowing and raking, but this service comes with a fee. If you enjoy gardening and outside activities, consider a single-family home in a rural setting. Choosing a smaller home off the beaten path will help save money and will give you free reign over your yard.

3. Prepare for moving costs

No matter where you move, there are additional costs to downsizing. Many families look at downsizing as a way to save money but overlook the costs associated with moving into a new home. Be prepared for expenses associated with hiring professional movers, renting storage space, and even redecorating your new home.

Choosing to downsize can be a difficult decision after the kids move out, but many empty-nesters take comfort in the reduction of costs and required upkeep for a smaller home. Keep these tips in mind as you go through the downsizing process in order to make your transition a positive experience. Feel free to access our mortgage web center if you have any questions.