Some families enjoy living in a large house, but maintenance costs and efforts are a burden for others. This is particularly true when your children have grown up and moved out. However, if you have spent years living in your home, have celebrated occasions, have created memories, and know life at home, it can be stressful and emotional to make a move, even if downsizing makes perfect sense for you.
Withal, the nerves that come from the new and unfamiliar can be minimized as anything in life by taking the right steps in research and planning for downsizing your home.
You will then be able to ask yourself “is it right for me?”
The Advantages of Downsizing
Downsizing to a smaller home usually equals reduced monthly mortgage payments. A smaller home uses less energy and water, which means your monthly utility bills will be lower.
Save money on maintenance costs by getting rid of items like a yard and a pool, you won't have a smaller home that requires less attention, meaning less time cleaning and maintaining. Having a limited amount of space can help you prioritize purchases, spend your money wisely, and get rid of unwanted goods. Downsizing may also allow you to trade in your huge home for a smaller, fancier home in a better neighbourhood.
The Potential Disadvantages of Downsizing
Of course, downsizing means you'll have less space, which can be difficult to adjust to. Unless you're used to being the host, you're unlikely to have spare bedrooms to accommodate guests, children visiting, or dinner parties, which can be difficult to adjust to if you're used to these familiarities. Downsizing your home may include relocating to a new neighbourhood with new stores, restaurants, and other amenities. If you don't want to part with emotional items or larger items like furniture, you may need to rent a storage container.
Any lifestyle change is difficult at first, and downsizing is no exception. Expect to feel strange for a while before settling in.
What’s Involved when Downsizing?
- Reduce the number of things you own - Go through your entire house and assess each item one by one, making a list of what you want to take with you and what you're willing to let go of.
- Donate, sell, give away, or throw out what you can.
- Make digital copies of documents, letters, and family photos instead of keeping them in a physical box that you'll probably never look at.
- Set some purchasing restrictions - When you're about to buy something, ask yourself, "Do I really need it?", “Will I be able to put it to good use?”, “Do I already have something similar?"
- Reduce the amount of furniture - If you already know how much space you'll have in your new home, go through each room and decide which furniture pieces will fit and which won’t.
- Use multi-purpose storage options for your new home.
What Resources are Available to Help you Downsize your Home?
It can be difficult to buy and sell at the same time. Bring in some help if you believe any steps of the downsizing and relocating processes are above your ability or you don't have the time. If you’re having tremendous difficulty letting go of items, renting a storage unit at a local storage facility may be the best option to safeguard your belongings. If you're an excellent organizer, you may only require assistance moving boxes on moving day. However, if you’re having trouble obtaining and staying organized, or letting go of belongings, a professional organizer could be well worth your money.
Your chosen real estate agent will also be of great help as they know all the best tips and can offer resources for any need.
If you are overwhelmed in your present home, whether it’s financially or mentally, moving into a smaller space may be the best next step for you.
Contact Steve Sicard today for any assistance with finding a smaller property in Ottawa.