Things To Consider When Downsizing Your Home

In the past few years I have experienced the clients need looking to downsize their home.  The most recent trends in building and real estate is that people are looking to maximize the use of space in their current homes as well as their next home.  That being said, it is a good time to consider the following if you are thinking about downsizing.

 

  • What type of storage needs do you have now?  Is storage an item you are willing to sacrifice?  Many properties have wonderful floorplans, but don't maximize on the storage space.  You have large bathrooms with little or no linen closet space.  Master bedrooms may also be a place to enjoy some living space, but often times, there are no walkin closets.  Is this something that could be moved to the bottom of the list?

 

  • Do you really need that extra bedroom?  One of the trends is using a bedroom as an office space.  Maybe it would be possible to downsize some of the office items you currently have on hand, and maximize another space in the future home to accommodate your office space.  Of course there are always ups to having an extra bedroom, but if you are looking to downsize, losing that extra space may cost you less, and who knows, you may not even miss it!
  • How long do you plan on living in the downsized home?  With all the real estate trends in the market and the type of deals that are taking place, it may be wise to consider a larger home instead of smaller because of the great deals to be had.  The trend in the real estate market has always been up and down.  Right now we are in a down, so why not capitalize on getting the best value for your money?  Sure you could get a smaller home for a great deal too - but what if you decided to get a larger home at the best possible price (a steal in some situations), and then sell it for much more when the market comes to an up again.    What type of lifestyle will best suit your needs in the future?  Of course, you have to consider how long you are willing to risk the investment of a larger home, ie mortgage and living expenses.  It could be longer than expected before the market turns again.
  • What type of lifestyle will suit your needs in a smaller home?  If you are planning to retire, then a smaller home may be the way to go.  In Pawleys Island, There are many communities that have both larger and smaller sized homes, and you can be as active as you want.  For instance, Heritage Plantation, has patio sized homes with great floorplans.  You can go to the owners clubhouse for exercising, which means that you don't necessarily have to make room for your equipment at home.  Or, you could take a walk to the marina and use this area for entertaining guests for a "backyard barbeque".  
  • Can the furniture you currently have be downsized to fit your needs.  One thing that can always be changed is your surroundings.  Is your furniture one of those items?  Can you afford to sell the current furniture you have and start new?  I experienced this firsthand, not from downsizing, but from moving from another area of the US to the other.  You see, the style in the Southwest is very different from the style in Pawleys Island.  I discovered this on a houshunting trip when every home my husband and I went into seemed to be decorated to the T's and everything was beach style or country style.  What is your style?  Can you learn to change this style and at what cost.  If you can, you may be better off starting with new pieces of furniture.  The point here is to not shop for a home with your current furniture in mind.  The house you can't move, but the furnishings you can.  Sometimes, the home you are interested in may also come with the furnishings.  Always ask about this option.  You never know, especially in a tourist destination area.

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