There are several reasons to downsize. Some choose to move to a smaller house because of mobility issues, and others want to free up cash. Some people are motivated by the idea that less is better and want to be more minimalistic. Irrespective of the reasons for downsizing, the process should follow a plan, or you’ll end of stressed and overwhelmed.
What Are the Benefits of Downsizing?
The most apparent advantage of downsizing is the extra income left after moving to a smaller house. If you’ve planned well, you may be able to buy a smaller home from the proceeds of the existing property and be left with enough cash to spend on things you’ve always dreamed of doing.
With fewer rooms and belongings, there’s little to clean and maintain. You can cut down on maintenance, leaving you the time and money to do enjoyable things.
When Is Downsizing Not Advisable?
Many people downsize without thinking about the actual cost of downsizing. For example, if the local housing market isn’t conducive for a profitable sale, it may not be the best time to sell your current home. Selling and buying a home involves paying realtor commission, moving expenses, closing costs, mortgage fees, and more. And there’s also the emotional cost of a lifestyle change. Consider who will be downsizing with you before making a choice.
What Are the Things to Consider Before Downsizing?
- Find the house you’re planning to move to:
Before putting your current house for sale, decide on the type of home you want. Are you planning to move into a retirement home? Have you been dreaming of a rural household? Will you be moving into an apartment? Sometimes, you can buy a house with a contingent offer. For example, you will buy the house only if you can sell the existing property.
You can save considerably on moving expenses by getting rid of things you don’t want before moving. When living in a house for a long time, it’s common to collect a lot of stuff. Divide your things into three categories: keep, sell, donate. If you choose to sell the house to us, we’ll take care of junk that’s left behind. You can move with the things you want and leave the rest for us to manage. As cash home buyers in Pittsburgh, we buy homes as-is.
- Plan other expenses:
Before downsizing, you’ll have to consider expenses like closing costs, realtor commission, and taxes. But if you’re selling the house to us, we’ll take care of everything. You can sell your home fast and save on expenses.