Factors Behind Downsizing for Homeowners to Consider
Opinion Advocates for ideas and draws conclusions based on the author/producer’s interpretation of facts and data.
By Bill Primavera
For many, especially retirees, the time may likely come when downsizing one’s home is a practical measure. But it can be a daunting task.
In another way, it can be liberating, I guess.
Certainly, as we grow older, there are plenty of reasons to downsize to a smaller home. They can range from being new empty-nesters to growing weary of maintaining a yard. Whatever the reason, moving to a less spacious home can offer a myriad of benefits. One’s time, money and energy – much of which was once directed at a large home – can now be spent on other more important things, such as the family, work and hobbies.
In addition, downsizing may help meet either financial goals – or challenges. Whether it’s retiring early or saving for the future, moving to a smaller, more affordable home can expedite the process.
Here is a checklist of things to consider when downsizing to a smaller home as offered by the experts at www.moving.com, the folks from the realtor.com network who ought to know.
Available amenities
When downsizing, it’s important to consider what amenities (if any) are important to the seller and buyer. For instance, if moving from a house to an apartment, will private outdoor space be missed? What about a pool or other recreational activities? Downsizing shouldn’t mean compromising one’s quality of life.
Close proximity to neighbors
Speaking of the need for community, how close does one want to be to new neighbors? In many areas, downsizing to a smaller home may mean opting for an apartment or condo. These buildings tend to have people living in closer proximity to one another. Before committing to a smaller home, one should be sure about the willingness to live close to others. If not, one may have to opt for a single-family home over an apartment or condo.
Home office needs
Not everyone needs a home office, but if one plans to work, some sort of desk set-up will be needed in the new home.
The number of people in the household
How many people are living in the household? The answer to this will determine how small one can really go. After all, squeezing a family of four into a one-bedroom home won’t be practical.
The need for personal space
How much personal space is needed? Is one comfortable living in a remote location or does he or she prefer to be near other people? While one person may need a private bedroom, bathroom and TV area, another may not need any personal space at all.
Future visitors
When downsizing to a smaller home, it’s important to think about the number of guests one expects to have and how often they are planning to visit. If a guest room is needed, it must be factored into downsizing decisions.
Storage needs
Does one need a self-storage unit? Does the new home come with a garage, attic or other space for storage? Will it cost money to store things? Asking all of these questions should help determine individual storage needs.
Financial goals
For many homeowners, saving money is one of the most important incentives for downsizing to a smaller home. Retirees looking to make their dollars go further, families saving money for college funds and individuals looking for ways to save for retirement will all benefit from downsizing to a less expensive home.
Future Plans
Finally, consider the future. If one plans to retire and grow old in a smaller home, it should accommodate the needs of someone who is older. For instance, a two- or three-story home with steep stairs is not ideal for an older person with mobility issues. Opting for an apartment building with an elevator or a one-story home is a smarter investment.
When the time comes, happy downsizing!
Bill Primavera is a realtor associated with William Raveis Real Estate and founder of Primavera Public Relations, Inc., specializing in lifestyles, real estate and development. To engage the services of The Home Guru and his team to market your home for sale, call 914-522-2076.
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