What You Need to Think About When Downsizing Your Home

There are many different reasons why you may want to downsize your home. It could be that you want to release some equity from it or that you simply no longer need a large family home as your children now have their own homes and young families to look after. Whatever the reason, however, in order for you to make the right decision, you are going to have to consider a few very important factors.

#1 What space you really need

Initially, you are going to have to work out how much space you actually need, and this can be totally different from the amount of space that you really want. For instance, if you come from a large family home, you may find that there are areas that you have that will not be available in a smaller home – such as a separate dining room or utility area. Having a far smaller kitchen that also has to house all of your appliances and table and chairs may, on the surface, seem like a sacrifice you can live with, but in reality, you could regret it.

#2 Downsizing your possessions

As the home you will inevitably be downsizing to will be smaller than your current home, it is highly likely that you will have additional furniture and possessions that you will not have room for. You may find that you can rehome a lot of this with friends and family members; however, you shouldn’t depend on this being the case. It is, therefore, important that you find other outlets to move your unwanted items onto new homes, and with this, you do have a few options available to you:

Donate – those items that you no longer want or need could be donated to charities or thrift stores so that they can be brought by others who want or need them but would not be able to afford them new. This can be a good move, but you do have to keep in mind that not all charities or thrift stores will take large, bulky pieces of furniture.
Sell on – you could (or ask a friend or family member if you do not know how to) sell your unwanted items on the second-hand market. Using sites such as eBay or joining the millions who use Facebook marketplace could mean that you clear your items quickly. This way, you can get a bit of cash in your pocket to put towards replacements or totally new items for your new home. If you make sure you post the items as collection only, you will not even have to worry about moving them yourselves, as the buyer will do that when they come to collect.
Local recycling facilities – for those items that you cannot shift or don’t have the time to sell, you could take them to your local recycling center. Most recycling centers nowadays have a shop area where they sell items at a particularly low price; this is a great place to find bargains or move items on. Of course, if the items are not seen to be fit for resale, there are also the recycling bins which can be filled rather than your unwanted items going off to landfill.

#3 Achieving your asking price

You will no doubt be counting on your home reaching a certain value so that your downsizing does not cut into any savings that you have put aside or increase the mortgage levels that you currently have. Decluttering your home and removing those items that will not be going with you to your new home can actually help with the sale of your home as it will enable potential buyers to see what they are buying and visualize their possessions in place. Of course, asking a real estate agent their views on how to get the best sale price for your home will also point you in the right direction. This is because they will be well versed in selling homes in your area and will know what buyers want and expect in a house like yours and its size and sort.

A few final thoughts

Downsizing for whatever reason can be a good move for some people, but you will have to make sure that you have thought out the reasons why you are doing it and what space will be acceptable for you and your lifestyle once the move has taken place. Decluttering ahead of time can be very therapeutic and even more so if you can make a bit of money from the items that you no longer want. When it comes to getting the best price for your current home, it is wise to do your research and ask for help and ideas from real estate agents in your area, as they will know what sells a property like yours and what certainly doesn’t.