If you are looking to make a drastic life change, downsizing your home can be a good start. However, you need to avoid potential mistakes along the way. Here are some tips to help you navigate the process of downsizing your home for an easy and positive experience.
Set Clear Goals
Ensure that you have a clear goal in mind before starting the process. There are many reasons to consider leaving your current home to find a smaller space. These include:
- To eliminate debts
- To turbocharge retirement funds
- To pay off an existing mortgage
- To start saving
- To reduce home maintenance costs
Anticipate Hidden Costs
Look out for hidden costs before purchasing a new home. If you move into a smaller space that needs extensive repairs or maintenance, it can end up costing you more than your previous living situation. Also, be sure to consider the cost of property taxes or possible HOA fees. If you are moving to a more expensive neighborhood, you may want to consider the possible increase in your cost of living.
Budget for the Move
Prepare a moving budget before you start packing to cut down on unnecessary expenses. Although many people attempt to cut costs by handling the moving process themselves, hiring a moving company may prove to be a better option. Most movers provide insurance coverage for your possessions during the move. This added protection, along with saving time and energy, can mean a smoother moving process.
Get Rid of Excess
Downsizing means getting rid of all unnecessary expenses. Now is the time to develop good organizational skills and get rid of all the unimportant things that you may have collected over the years. Make separate piles of your belongings, indicating which to keep, dispose of, or donate. Although you may be tempted to hold on to old stuff, a smaller space means a chance to prioritize and get a fresh start free of excess belongings.
Determine Your Lifestyle Needs
Downsize your home only if it will fit your lifestyle needs. A large family cannot live well in a cramped space in an attempt to reduce maintenance costs. Ensure that your new home will allow for the lifestyle you want and will comfortably fit all your necessary belongings.
Choose the Right Size Home
The purpose of downsizing is to eliminate unused spaces by moving to a smaller place. If you live alone, you likely only use two to three rooms regularly. These include the living room, kitchen, bedroom, and bathroom. If you have extra rooms or a big yard that you rarely use, save yourself the cost of maintaining them by looking for a smaller place. A smaller yard, one or two bedrooms, a bathroom, and a kitchen may be all you need.
Do Not Forget Storage Space
After sorting through your items and determining what you will keep, you may still have more than you can fit into the new apartment. You can consider moving some of your stuff into a storage unit. This keeps your items safe and still allows you access. It also can give you more time to possibly sell larger or more valuable things that you do not want or donate things.
Create a Schedule and Checklist
The importance of creating a schedule and a moving checklist cannot be overemphasized. It helps ensure proper organization throughout the process while reducing stress. Scheduling helps to make a smooth transition rather than attempting to tackle everything at the last minute.
Choose the Right Type of Home
Decide on the type of home you need to help narrow your search for the best option. Different factors like finances, health requirements, and your lifestyle will determine the type of home you need. You can consider moving into a single-story, condominium, or apartment.
After deciding to move, choosing the right home loan specialist crucial. Andraya Coulter is a strategic home loan specialist that offers professional services for your home-related needs. Visit our site for more information!