Whether the kids have gone and you no longer need such a big house, or you’re just trying to live a little on the lighter side, downsizing can be a very liberating experience. Nothing quite beats returning to a more simple existence, or so the conventional wisdom goes. This can be true, of course, but there are several common mistakes that people make. Here are a few missteps to avoid on your journey.
Five Mistakes NOT to Make When You’re Downsizing
- Overestimating the Financial Benefits
It costs more to run a bigger household, but don’t overestimate the financial advantages. Over time, you will likely see the benefits in transitioning to a smaller place and a simpler lifestyle, but don’t start counting your chickens just yet. Initially, you may not see much in the way of savings at all, due to the expenses associated with selling a property. Additionally, you often pay a premium to live someplace with a smaller footprint or less maintenance, such as a condo. - Forgetting to Consider Lifestyle Needs
Don’t be so eager to downsize that you forget to take into account your lifestyle and your needs. For example, it might seem like a good idea to have a smaller house to maintain, but if you enjoy cooking and entertaining, would you really be happy downsizing your kitchen space or foregoing a separate dining room? And even if that extra bedroom seems unnecessary, would it be a good place for housing your hobbies? - Letting Emotions Cloud Your Judgment
One of the hardest things about downsizing is the emotional attachment you have to your possessions. Start with the easy stuff, purging items that hold fewer associations. As you encounter items with an emotional connection, ask yourself if that’s the only reason why you’re considering keeping the item. If so, would a picture suffice? Or could you pass the item on to your kids, family, or friends, to let someone else form new memories and connections? - Trying to Do Too Much at Once
It might not seem like it, but downsizing is hard work. Even if you’re excited about the idea, even if you’re jazzed up when you first start, there’s only so long you can keep purging before you start feeling overwhelmed. Divide your household up into many smaller sections and focus on just one at a time. If you find yourself wanting to keep more and more, it’s time for a break. Kitchen appliances, outdoor tools, clothes, and books are good places to start since those are the areas most people want to downsize first. - Downsizing Too Much
While downsizing truly can be the liberating experience you’re expecting, there is such a thing as downsizing too much. Forcing yourself to get rid of too much too fast may only lead to regret, so let yourself keep anything you’re unsure of, especially as it’s easier to get rid of more than it is to get stuff back. Likewise, moving into a place that is too small may only make you feel cramped and unhappy, so look for something that’s a little bigger than what you think you want. It’s easier to deal with too much space than too little. The truth is, most of us keep more than we ought to, and over time that builds up.
Whether this move is a large milestone for you or more of a periodic reset, downsizing is a healthy exercise that not only simplifies your life and increases satisfaction, but also makes this and future moves much easier. If this sounds appealing to you, contact your real estate agent today to review your options for downsizing to a smaller home.
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As an experienced professional Neil will do the leg work, keeping you up-to-date with new listings and the various market conditions that may impact the home purchase process. Sellers can also benefit from his skills in finance, negotiation, contractual agreements, and RE marketing. Call today and allow Neil to guide you through the complexities of buying or selling your home, eliminating hassles, and stress.
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