Updated: Jul 17, 2021
Contrary to popular belief, bigger is not always better—and that certainly applies to the size of your home.
If you are feeling like your home is too large or spacious, downsizing can be a great way to get into a home that is a more manageable size. But downsizing is not always the answer, and before you make a move, it is important to make sure it is the right move for you—and that means digging deep and asking yourself some important questions.
A recent article from realtor.com outlined the key questions buyers should ask themselves before downsizing to a smaller home, including:
Does it make financial sense? When it comes to housing, smaller doesn’t necessarily mean more affordable. Sometimes, smaller properties have additional costs (for example, an HOA fee for a condo or townhome)—and if you don’t consider those costs, you may end up paying more for less space. Before you downsize in an attempt to save money, make sure that the property you’re considering will actually help you accomplish that goal.
What will I do with all my stuff? Your current home is big enough to store all of your stuff—but if you downsize to a smaller home, it may not be able to comfortably fit your belongings. Before you make the decision to downgrade, make sure you have a plan for what to do with any furniture or other belongings that won’t fit into your new space (for example, selling, donating, or renting a storage unit).
Am I ready to downsize? Even if it makes practical sense to downsize (for example, your kids recently left for college and you no longer need so much space), if you are not emotionally prepared for the move, you will likely regret your decision. Before you downsize, make sure to ask yourself whether you’re really ready to make the move.
Bottom line? Downsizing to a smaller property is a big decision—and it is important to ask yourself the right questions to determine whether it is the right decision for you.