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How To Downsize Your Home
Thinking of moving to a new, smaller home? What are your reasons to move? Have you considered your reasons to move? What reasons would there be to move? Well, stay tuned we are going to discuss how to downsize your home, right after this
Hi, I’m Bob Weibrecht a Licensed Realtor with Coldwell Banker Realty – Gundaker in St. Louis, MO. If you are interested in all things residential real estate, please follow
Now onto the reason why you stopped by, and that is Nine Considerations on How to Downsize Your Home
There are plenty of reasons to downsize to a smaller home. Such as you have found yourself an empty-nester. You are not happy with the location. You wish to be closer to family and friends. Your home just no longer fits your lifestyle. You are tired of never-ending house maintenance, yard maintenance, increasing utility costs, increasing real estate taxes and increasing homeowners’ insurance.
Any one or more of these can be a valid reason to downsize your home. You want a more relaxed lifestyle to come and go and to do as you please. Who could fault you for that?
Your decision to downsize may have benefits you have not even thought of, such as more time for desired activities, lower utility cost, reduced home expenses, reduced home and yard maintenance, reduced real estate taxes and reduced homeowner’s insurance.
This implies more money can be put into your pocket which in turn in to savings and investing accounts which may mean early retirement and taking off on an RV adventure! Sounds like a lot of fun.
Whatever your reasons for downsizing, it can be an emotional decision and process. All the family memories you will leave behind, the friendly neighbors and so much more. It helps to take an objective look at nine things when considering downsizing.
Here are nine things to consider in how to downsize your home.
- Your Plans
Consider your future. Do you plan to retire and make a smaller home your forever home? If so, think about the accommodations for you and people living with you. For instance, a home with stairs may be an obstacle for elderly person or a person with mobility concerns.
What about laundry facilities? Do you want washer and dryer on the main floor or in the basement? If you are going to rent, does the home, apartment building or condo complex have an elevator or is it stairs? Consider nearby amenities such as shopping, recreation, major roads etc. You will need to leave your new home sometime if nothing more than for essentials
- Your Household
How many people will be living with you? Do you have a significant other? Will there be children living with you? This is truly the measure of how small you can buy. After all, moving a large family into a small two-bedroom home is not practical and may be illegal in some areas. Check with local regulations in the areas you are thinking of moving to.
- Your Personal space
How much personal space do you need? What do you like to do in your spare time?
Do you prefer to be around others for social interaction such as a close-knit neighborhood with lots of families or is solitude and alone time what you are looking for in a rural location far, far away from others?
What about hobbies? Some hobbies such as model railroading or woodworking can take up a lot of space while gaming or puzzle assemble can take up little room. Be sure to consider YOUR personal space before committing to downsizing, not just those of your household requirements
- Your Home Office
Are you and or your significant other employed? Can you work from home instead of commuting to work? Do either have a side hustle for extra income? Consider the current and potential future requirements of the income source to plan accordingly.
To generate income, you may need a private room, or an area closed off from the rest of the home where you can concentrate on the task at hand. That home with the large storage shed with utilities may be looking pretty good about now.
- Desired Amenities
Think about the amenities with your current home. Do you have a pool or does the subdivision have one? Are there any recreational facilities you might miss such as club house or tennis court? Is your yard fenced for your dog? Keep your pets in mind during this time.
Check out activities in the neighborhoods you are considering. Remember a smaller home may encourage you to get out more. Having activities to look forward to will increase your enjoyment and satisfaction of deciding to downsize.
- Your Neighbors
How close do you want to be to new neighbors? A few feet away in the next home, apartment, or condo so you can share their love of music or an acre or more away where you can barely see their home? This is an important consideration for yourself to decide.
- Guest Space
Guests may be invited or a welcome surprise. This could be a major consideration in downsizing to a smaller home. How frequently do you expect guests? What’s the maximum number of guests at once? What’s the expected duration of their stay? Any specific preferences for their activities during their stay?
Think about your desired area to move to, does it have motel or hotel nearby to refer guest to if necessary? Are there any rental properties such as AirBnB or VRBO nearby?
If your downsizing plans include moving to a popular area such as a recreation or resort area. You may have more guests than you realize, just saying… so you may wish to factor in room and bath for guest accommodations.
- Decluttering Vs Storage
Moving to a smaller home means… less space. Consider where are you going to put your stuff? Does your smaller home have an attic, basement, garage, storage shed etc.?
What about that fishing boat or RV? Do you have a work vehicle? Check with the home’s homeowner association about their rules for parking such vehicles in your driveway. Hint – Do this before you are obligated to buy your next home!
If there is not enough storage and the homeowner association’s rules prohibit you from storing recreational or even work vehicles in your driveway. Are you going to rent storage space or let go of stuff? One will cost you money over time the other may make you a little money. Which will it be? AND NUMBER 9
- Appliances and Furniture
Regarding appliances did you know that in the St. Louis Realtors real estate contracts, the kitchen stove, built in microwave, dishwasher, garbage disposal remain with the home after the sale unless otherwise specified and agreed to in the contract by the buyer and seller
The refrigerator, washer and dryer and small countertop appliances are considered personal property and can be taken when you move. Unless… you guessed it is specified and agreed to in the contract. So, do you plan to take any kitchen appliances, the washer and dryer with you and if so, is there room in your smaller home for them? If not, they could be left in the home if the buyer agrees, sold, or donated?
What about your furniture? Will it fit in the smaller home? You may need to buy smaller furniture for your smaller home. Photographs can make rooms appear larger than what they actually are. Meaning that large, overstuffed sectional and huge eight-person dining room set may not fit where you want it to. If this is the case, then you will likely need furniture to fit the available space.
Psst, It is my goal to give value first. As a reward to you, yes you for watching. Here is a bonus consideration… By the way, don’t tell those who left. It’s their loss.
- Your Financial Goals
Finally, what about your long-term financial goals? Will downsizing to a smaller home help with your personal financial goals? For many homeowners, downsizing to save money is an important incentives in moving to a smaller home. There are many financial reasons to downsize, save for education of a child, save for retirement, save for just about anything.
Many people are simply look for ways to stretch their dollar. So, what are your financial goals and how are they related to your downsizing move? Question – would that extra guest room mentioned in #7 work out for an AirBnB or Vrbo for extra income???
If downsizing is in your future whether next month or several years away, make plans sooner than later. Your future self will thank you when you are enjoying life in your smaller, uncluttered downsized home.
Know you have valuable information to consider in downsizing your home. As they say on TV But Wait There’s More! Click on the video in the corner to learn more about the home buying and selling process and remember to subscribe and click that bell icon. I’ll see you next time
Make it a Great Day!
Bob Weibrecht, Licensed Realtor®
Coldwell Banker Realty – Gundaker
9964 Kennerly Center, St. Louis, MO
Contact me today at Contact Me (bobweibrecht.com)
For More Information About Selling your home. Click Below For These FREE Guides.
- How To Prepare Your House For Sale: https://bestrealestateblog.com/get-preparing-booklet/cKQLYQvxlMcyzocwSyDJ/69668
- The Ultimate Home Seller’s Guide: https://bestrealestateblog.com/get-home-sellers-guide/cKQLYQvxlMcyzocwSyDJ/382626
Visit me at www.HeyBobStL.com or https://www.facebook.com/HeyBobStL
See what is on the market at Rightsize Your Home (bobweibrecht.com)
Disclaimer:
Information provided in this vlog, video or blog post is meant to be used for educational purposes only, not financial, or legal advice. If you need help assistance with your real estate transactions, We always encourages you to consult your own advisor to resolve these issues.
Don’t have one? let me know and I will help you find a real estate professional in your area. Send request to Info@HeyBobStL.com with subject: Real Estate Professional needed.
Please include your name, email address and phone number in the body of the email. Tell me where you’re located, whether you’re buying, selling or both. I will help you find a qualified real estate professional quickly.
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