If your children have recently flown the nest or you are struggling to keep up with the daily demands of maintaining a multi-story property, you may be ready to take the plunge and downsize your home. It may seem as if you are taking a step backwards in your property ownership journey but it can allow you to manage your home in a way that suits you and your loved ones and, perhaps most importantly, make the most of available space with fewer rooms and utilities to contend with as you grow older and find yourself less able to carry out tasks you were once able to do effortlessly.
If you have made the decision to downsize your home in the not-so-distant future but are struggling to know where to begin, continue reading to find out everything you need to know.
Do your research
It may sound cliche but in order to begin the process of downsizing your home, you must do your research beforehand to ensure you are as prepared as you possibly can be to proceed. It may, for example, benefit you to decide what the rough dimensions of your next home should be, which towns, cities, or villages you would be happy to relocate to, and which style of home tends to tick all of your boxes. If you have done your research, you can proceed with a clearer idea of what you are looking for and will be, as a result, more likely to find a forever home that suits you and your individual living requirements. If your children are planning to stay with you during the holidays, for example, you must also ensure your new home has enough rooms to enable them to do so or, at the very least, has enough space to establish a makeshift bedroom for a couple of nights.
Establish a budget
In order to begin the process of downsizing your home, you must establish a budget as soon as possible to prevent you from spending more than you had originally planned or settling for less than your budget may allow. It can be tempting to exceed your budget if it means your new home will tick every box but with renovations, fixtures, and fittings to factor into the equation, you may end up spending double or even triple what you had initially planned and wishing you had just stayed put. In addition to establishing a budget to purchase a brand-new home, it may also be worth taking to time to familiarize yourself with the cost of selling your home with mortgage pay-offs, commission, closing costs, and taxes all important fees that must be paid before you can begin the process of downsizing your home. If your current home eats away at a significant chunk of your monthly income, for example, downsizing may allow you to enjoy more passive income or start saving for an impressive pension fund when the time comes for you to retire.
Consider your new lifestyle
If you are in the process of downsizing your home, there must be a reason why you came to the decision you did. It may, therefore, benefit you to consider your new lifestyle and how it is likely to differ from your current lifestyle whilst you reside in a larger home. It is, after all, a great opportunity to rethink your current living habits and make any changes you have been waiting to make for a considerable amount of time with a brand-new home, one of the best ways to overhaul your life both mentally as well as physically. It can also allow you to understand why you are downsizing and encourage you to stick to any short-term or long-term goals you have established for yourself. If you are hoping to save a considerable amount of money by downsizing, for example, ask yourself why with the more specific you are, you are more likely to be successful when it comes to saving money to fund a once-in-a-lifetime trip or send your children to college.
Declutter your home
If you will be relocating to a smaller home, you must declutter your current home to ensure your brand-new property doesn’t become engulfed with items that you no longer want or need. It can be tempting to store belongings that possess sentimental value or remind you of a significant milestone in your life but if you have gone years without so much as looking at them, it may be time to get rid of them for good by treating your home to a well-deserved declutter. It may sound daunting or even scary to rid your home of so many belongings but by getting stuck in as soon as possible, you will be surprised at how many items you own that serve you no purpose or do not add any value to your life in any way, shape, or form.
If you are preparing to downsize to a smaller property, there are a number of steps you must take ahead of time to ensure you are as prepared as you possibly can be ahead of your big move. It includes doing your research first and foremost, establishing a suitable budget that you are likely to stick to, considering your new lifestyle and the reason behind your move, and decluttering your home to rid it of any unwanted or unneeded items.