How to Move to a Smaller Home and Enjoy the Benefits of Downsizing
How to Move to a Smaller Home and Enjoy the Benefits of Downsizing
If your current home is larger than you need, you might want to downsize to a smaller property. For example, maybe your kids have gone off to college, leaving you an “empty nester,” or maybe you’re just tired of maintaining a large property. Whatever your motivation, downsizing can be a savvy move. Discover the benefits and how to do it below.
Recognize the advantages of switching to a smaller home
There are many reasons to switch to a smaller house or apartment. First, it’s easier to maintain. You will have to spend less time on tasks like yard work, cleaning, and de-cluttering. This means you’ll have more time to enjoy day-to-day life, whether that means practicing a hobby or visiting friends.
Moving homes is also a chance to reinvent yourself by embracing a new neighborhood or city. For example, you might pick a place near a gym and get into fitness, or select a house close to a park where you can bird-watch. Finally, switching properties can be financially smart, as you can sell your old home and use the money for a cheaper new home.
Prepare to sell your current home
Before selling your current home, make it marketable. R&R Real Estate Partners LLC recommends identifying essential repairs, cleaning, and de-cluttering. Staging is also important and includes tasks like painting and de-personalizing the space. By getting rid of personal touches like family photos, you make it easier for others to see themselves in the house.
Before you put your house on the market, use a home sale proceeds calculator to figure out how much you can expect to make. This will give you an idea of the property’s value and ensure that you don’t sell it for less than its worth. A local realtor can also help you determine an appropriate sales price since they’ll be familiar with the market in your area.
Find the perfect home to move to
Once you’re ready to sell your current home, you can start looking for your new place. Do your research before proceeding. Discover recommends researching neighborhoods by checking stats like crime, property taxes, and housing prices. Once you know where you want to move, find a local realtor to help in your hunt.
Once you get your new place, protect your investment. A home warranty covers repairs to systems like plumbing and electrical, plus certain appliances. This is unique from homeowners insurance, which covers damage to the property’s structure, as well as damage, theft, and injuries that occur on the premises. Look up the best choice for a home warranty company by comparing reviews online.
Prepare for a successful transition
Once you’ve got a buyer for your old house and a new place to move to, it’s time to start preparing. Updater offers a comprehensive guide to getting ready for a move, like de-cluttering, packing boxes, and hiring movers. When hiring movers, do your research and ask questions like what kind of liability coverage they provide.
Since your new home will be smaller than your old one, you may need to put some items into storage. You can decide what to do with them later if you aren’t ready to get rid of them yet, but they won’t fit into the new space. Research storage options in your city online. For example, a 10×10 storage unit in Albuquerque, New Mexico, is $109 on average.
Downsizing can be a great way to save money and gain freedom. However, it requires careful preparation. By taking steps like putting items into storage and investing in a home warranty, you can ensure a stress-free move.
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