There are many reasons why homeowners find it advantageous to move into a smaller home. But while there are benefits to downsizing your home, it’s important to be thoroughly prepared for unanticipated changes. Here are four things you need to think of when downsizing your home.
Know Your Current Needs
Why are you downsizing? Is it due to your children moving away, a desire to save money or to live a simpler life? Whatever your motive is, you need to have a good understanding of what you’ll need in your new home.
First, think about what you will need in your new home.
- How many bedrooms will you need?
- What type of home would you like? A duplex, townhome or condo?
- Would you like a garage that is attached to your home?
- Do you want to perform tasks like snow shovelling or lawn care yourself or pay someone to do that?
Next, consider how close you’d like to be from the places you go on a weekly basis, including grocery stores, your office, gym or favourite restaurants. If you lead an active lifestyle, determine how close you’d like to be to recreation centres, parks and trails.
Transportation is the next essential piece to this puzzle.
- Where you will park your vehicle?
- How easy will be to access your place of work and other places you go to often?
- Do you plan on taking public transit? Are there bus routes close by?
- Should bicycling or walking be your transportation of choice, consider the distance your home is from places you will go to often.
These are all questions you will need to ask yourself to find the home that is right for you.
Changing Your Lifestyle
Everyone knows that the first step to living in a smaller home is to get rid of all the extra clutter in your life. Many people consider this a wonderful form of therapy. However, it’s important to emotionally prepare yourself for living in a smaller home.
Some of what you are able to do in your home now may not be realistic in a smaller home, such as hosting large dinner parties, having family stay with you, or maintaining a large garden. If you’re moving because your children have moved out, this can also signify that you are entering a new stage in your life.
While it can take some getting used to, your new neighbourhood you may find yourself doing things that you've never done before like going fishing, hiking on nature trails, or starting a new hobby. These changes in your lifestyle will give you a chance to meet new people and perhaps even strike up new friendships.
Keep your eyes peeled for signs and postings advertising local events in your new neighbourhood. You may find that your social life becomes far more vibrant and stimulating once you've moved to a new part of town!
Unexpected Expenses
Reducing your monthly expenses is a great benefit of downsizing, with utility bills being cheaper and less maintenance to your home required. That being said, it’s still wise to plan ahead for unforeseen expenses.
If you are moving into a townhome or condo, keep in mind that there could be monthly fees you’ll pay while living there. These monthly dues allow for the maintenance of the common property, such as snow removal, lawn care and upkeep of the exterior of your building. This is another great benefit to downsizing as you’ll have more time to do other things.
It may be that you'll need new furniture to accommodate your new living space, or require storage space to temporarily store items that will no longer fit your new living arrangement. Whatever the expense is for, plan to have some money available for any additional costs you might have.
Moving to a smaller home is a great way to reduce costs and live life a little simpler. It’s the perfect opportunity for a fresh start, giving you a chance to live in a place that suits your current lifestyle needs. There is also the chance of making new friendships or taking up new activities. You may just surprise yourself at how wonderfully you adapt to a smaller home in a new neighbourhood.
