There are lots of reasons people choose to downsize their homes, from children growing up and
moving out to finding somewhere that is more cost effective with minimal maintenance. For some
people downsizing isn’t even an option, if they’ve lost their job or got divorced it suddenly becomes
a necessity to find somewhere smaller to live.
It’s usually fairly obvious when the time has come to consider downsizing; there might be rooms in
your house that are barely ever used anymore or the cost of heating a large house for two people is
money that could be spent on a luxury weekend away. Here are a few things it’s important to
consider before you decide to downsize.
Financial Pros and Cons
On paper, it’s easy to see the financial pros of downsizing such as lower bills and less maintenance
and it’s often the cons that get overlooked. Think about your current furniture and what you will
need in a smaller space. We often buy large pieces of furniture such as sofas or dining tables based
around the space they are required to fill so you might need to sell these and buy new items –
considering this first could ensure you’re not left out of pocket.
What You Might Miss
The most important thing in this process is that by downsizing you feel that you are taking a step
forwards with your life. If you think that moving to a much smaller property is a negative action and
you won’t be as happy there then it probably means you need to do a lot more research or give
yourself more time to make the decision. It might be a good idea to see what’s available on the
market in your location by checking out different sized properties or maybe you’d like to move
somewhere new like Arizona; research the real estate in Tucson and view a couple of properties to
get a feel for life in a smaller house.
Consider Possible Life Events
You might be sure that downsizing to a smaller property is definitely the right thing for you and your
partner, but have you considered the family members who no longer live with you and their current
situations? Think about possible future life events that are likely to happen; your daughter might be
trying for a baby but you live a long distance away, would you like to have space for them to visit and
stay over? Your son has recently moved away to study at university but what might happen when
he graduates and struggles to find a job, he might need to move back home for a while to save some
money.
Whilst it’s important to make the decision with you and your partner’s happiness in mind it’s also a
good idea to consider these possible scenarios and how you would feel if they happened and you
didn’t have the space to fulfill certain needs. Try not to dwell on too many ‘what ifs’ though or think
too far into the future because you cannot completely shape your life around uncertainties.
All-in- all a move to a smaller property will most likely be a positive life choice. If you consider
everything and do plenty of research you are more likely to make an informed decision which will
benefit you and your loved ones for years to come.
–Veselina Dzhingarova