If you are thinking about downsizing, there are several factors you should consider. Dean Graziosi has outlined them below.
First take into account the square footage you currently have and how many items you have to fill the space. The first question you’ll need to ask yourself is just how much you’ll need to downsize? This may depend on housing prices and location, but knowing how much space you’ll have to work with once you’ve purchased a new home will make a big difference.
Next you’ll need to think about usable square footage. This refers to the actual space you are able to use in your home. This doesn’t include hallways and areas that won’t accommodate furniture and other items. Knowing how much usable square footage you currently have will help you figure out how much you will be able to downsize before needing to get rid of belongings. You can then compare the usable square footage of the home where you currently live to that of properties you consider buying.
Downsizing may also mean placing items in storage. This typically comes with a storage fee that will need to be paid every month. That will be an added cost, so you’ll need to figure out whether or not downsizing will really save you money in the long run. You may also not want to keep items in storage for a long period of time, so this is another consideration as well. You also may have the challenge of deciding which items to put in storage. This will entail determining what you use the most.
Downsizing may also mean living in a cramped environment for the entire family. This can cause various problems to occur. It may mean some adjusting for everyone involved and children may wind up sharing a room instead of each having their own.
Downsizing your home may also save you money in the future. You probably won’t be paying as much in utility bills each month because there won’t be as much space to heat and cool. You likely won’t use as much electricity.
Consider your reasons for downsizing. Money is a main reason for making this decision. If you want to spend less, it may be the right thing for you. An article posted on frontdoor.com explains one reason for downsizing is to be closer to grandchildren. Research has shown that more and more people age 55 and over are selling homes in the suburbs and moving into condos or other smaller property types.
Some people also choose to downsize because they grow weary of having too much house. Larger homes take longer to clean and involve more maintenance. A smaller residence will be easier to maintain all-around. You can learn more about this and other real estate topics by visiting Dean Graziosi’s website.