A significant shift in your life circumstances often ushers in an era of change. Those who are newly single, empty nesters, or recent retirees often find themselves mulling over the seductive yet stressful idea of downsizing their home.
A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller. But there are plenty of factors homebuyers forget to consider when downsizing.
We tapped real estate professionals and people who have recently downsized to share their best practices for navigating this daunting and emotional process.
Budget all costs ahead of time
Downsizing, as it turns out, can be pricier than you might expect.
“It’s easy to underestimate the cost of moving in the current inflating market,” says Nicholas McMillan, founder and owner of Hire Realty in New York. “To avoid underestimating the cost of downsizing, make a budget that includes all expenses—moving expenses, closing costs, and any renovations or repairs that need to be made to your new home.”
On average, the cost of moving within your state will set you back $871 to $2,396. It’s largely determined by how many rooms of furniture you have. Moving out of state costs about $4,700, depending on how far you’re going.
Map out your new space
Don’t assume your current furniture won’t fit in your new, smaller home. Before you take to Facebook Marketplace and start purging your household belongings, pull out a measuring tape and get to work.
“Take the time to measure your new space and consider how you’ll use each room,” says Shaun Martin, CEO of We Buy Houses in Denver. “This will help you make informed decisions while selling off or giving away your current furniture, and potentially shopping for furniture, accessories, and organization solutions you may need in your new home.”
If you’re struggling to decide what stays and what goes, make three lists: what to keep, what to put in storage, and what to toss. Can’t bear to part with your sectional and your grandmother’s vintage armoire? It might be best to rent a storage unit to give yourself some time.
Rethink hobbies in the home
Sure you love gardening, but do you still need a house with a large backyard? Some downsizers decide they’re done with maintaining flower beds and vegetable plants—and that’s A-OK! There are many ways to still do what you love, without participating in the hobby or activity in your home.
“If you’re an avid gardener considering moving to an apartment, look into community gardens and similar services in your area,” Martin Orefice, CEO of Rent To Own Labs in Orlando, FL. “Your home gym could just as easily be the fitness center down the road. Your crafting room could move to the local makerspace.”
Hold a family show and tell
Any downsizing will inevitably require a painful purge of stuff, much of which is attached to different stages of your life and people who might not be a part of it anymore. The transition can be made much easier by offering some of these objects to loved ones who you know will give them a beautiful future.
“It’s common to worry that letting go of our things means saying goodbye to our history,” says Jami Shapiro, owner of Silver Linings Transitions in Carlsbad, CA. “If you want to share your things with family members, create a list of the most important items and share their story. Host a family show and tell and give items away. Or do it remotely if you can’t gather in person.”
Shapiro recommends using it as an opportunity to delve into your family’s history through these objects.
“You can make an album of photographs and share the history of each item,” she says. “That can also be a nice way to hang onto their memories, without hanging onto them.”
Prioritize an open-concept layout
If you’re slashing your square footage significantly, an open layout can help make the place feel roomier.
When searching for a home, Brady Bridges, owner of Reside Real Estate in Fort Worth, TX, recommends prioritizing properties with open floor plans and natural light.
“Once you move in, you can create the illusion of more space in small rooms by hanging mirrors—a common tool used by design professionals,” says Bridges.
Consider a radical change
There’s nothing wrong with staying close to home when you downsize, but Rick Heggem, owner of WhereMightILive.com, suggests at least considering a move out of town.
“Decide if you truly love where you currently live, or only tolerate it,” says Heggem, who downsized and moved with his wife from the San Francisco Bay Area to Washington, DC, in 2020.
“When we downsized, we surveyed the entire country, collecting scores of data sets on every county, from crime to weather to natural disasters,” Heggem says. “You will also want to focus on the local culture and politics, your proximity to family, the cost of living, and other priorities.”
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