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Thinking About Downsizing?

Friday, January 29, 2021
by Scott Darling


When your children are grown-and-flown, or your retirement is on the horizon, it is time for some decisions to be made.  Do you still need all the space you currently own? Do you dream of selling your home and traveling the world? No matter what your reasons are for downsizing, let these tips help smooth the process: 

 

  • Jot down your ideas, and talk with family and/or friends, share your thoughts, and have some of them help you start a Downsize Plan. 
     

  • Think practically before you finalize your decision: 

  • - Do you want to stay in the general area you are currently in or do you want to move across the country? Compare your home’s value to the locations you are interested in, making certain it is financially wise to relocate there. Even a move across town to another neighborhood could cost more in the long run. 
     

  • - Maybe you have dreamed of traveling, and RV-living is more to your liking. If you think this is what you want, it may be a good idea to rent a travel vehicle for a long trip before you make a costly purchase, just to get an idea of RV life. 
     

  • - Are you tired of maintaining the yard and exterior of your home? Maybe a condo or townhome is right for you. 
     

  • If you decide to sell and move to a smaller home, the first step of the moving process is going through your belongings. Sixty&Me.com has some extreme but practical advice to help you start this emotional task. 
     

  • Do your children still have belongings stored in your attic or spare room? Have them pick a date to come over and go through them. They need to be aware that this is their last chance to have their things donated, thrown away, or keep them. Otherwise, you will be making those decisions. 
     

  • With a lifetime of “stuff”, it may simply be impossible to begin the first step on your own, and this is where a pro may help. Professional organizers do not only clean up closets, there are those who specialize in home clean-outs and downsizing.   
     

  • A smaller house means less space for your furniture. Find out if any family members want the pieces you will not take with you or get ready to sell or donate your pieces. Some thrift stores will refurbish the items, and domestic violence or homeless shelters can always use practical pieces in good condition. 
     

  • Once you finalize your decision, get in touch with a real estate agent. They will not only help you sell your home for the best price, but they can also assist with finding your new home! 

 

If you are getting ready for retirement or dreading the thought of the last child leaving home, downsizing can be something to look forward to--a new beginning! Whether you decide to travel the world or settle in a houseboat, your Realtor® will help you through selling your nest, every step of the way. 

 

Courtesy of Chester County PA Realtor Scott Darling.

 

Photo credit: copyandsend 

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Tips For Downsizing Your Home and Saving Big

Friday, November 13, 2015
by Scott Darling

downsize

The economy has been bad for quite some time now and although it has improved some over the last few years, it doesn’t seem to be getting a whole lot better.  A good way to save money is to downsize your home.  This is especially a good idea if you have already raised your family and you and your husband are left paying a mortgage on a home that is too large for you.  Let’s take a look at how downsizing your home will help you to save a bit of money, to live more comfortably as well as some easy ways that you can downsize.

  • One easy way to downsize is to look for a home that has a small garage or even no garage at all.  If you and your spouse are living in the home alone and your children are grown it is likely that you don’t have a bunch of stuff to store in a garage.  Buying a home without a garage is a great way to get more house for your money and to downsize your payment. 
  • Finding a home without a lot of land is another way to downsize and to save big.  You can find a lot of cute houses on the market these days that don’t have a ton of land with them.  It is also good to find a home without a lot of land if you are older and don’t have the stamina you once had to do all the yard work that is involved with a house with a lot of land attached. 
  • Buying a home that is one story is also a good way to downsize and to save when it comes to buying a new home.  Buying a home without stairs is good for when you get older as well because you won’t want to or may not be able to climb them once you get up in years. 
  • Realize that you don’t have to give up on the home of your dreams when you downsize.  There are plenty of adorable houses on the market that won’t break your bank account that are 1500 square feet or less.  Don’t let society dictate to you that you need a large house in order to fit in.  There are plenty of upsides to downsizing to a smaller home!

Once you set your mind in the right direction and you realize that you don’t need to have a huge house and that it’s no longer important to “keep up with the Jones’’ you will be well on your way to saving a lot of money.

Courtesy of Chester County PA Realtor Scott Darling!

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Is It Time to Downsize?

Thursday, June 11, 2015
by Scott Darling

If you’ve officially joined the ranks of the empty nesters, one of the first questions that usually comes to mind is should we downsize our home. The kids are gone and we probably don’t need this big house. But is buying a smaller home right for you? Obviously, there are pros and cons to consider about both your finances and lifestyle before making a decision.

down-sizeReasons not to downsize:

  • The family is spread all across the country and you want to have a place for everyone to gather for the holidays and vacations.
  • You’ve been in your current home for many years and have filled it with mementos you don’t want to part with.
  • You’re not emotionally ready to pack up and leave a lifestyle you worked hard to create. Leaving family, friends and familiar surroundings is more than you can bear.
  • You enjoy the feelings that go along with your larger home. A smaller home will not feel right for your current lifestyle.

Reasons to downsize:

  • The lower (or zero) mortgage payment that comes with a smaller home would give you more discretionary funds to travel and enjoy other recreational activities.
  • A smaller home means less to maintain and more time to play.
  • You and/or your spouse are not able to navigate the stairs like you use. A single level home is more desirable.
  • A smaller, newer home is more efficient and cost effective.
  • You need to be closer to a family member who needs assistance and your attention.

If you decide to downsize, make sure the new home fits both your lifestyle and pocketbook. Talk with a real estate professional about how much money you will net from the sale of your current home, as well as the costs of buying another one. Look into how much it would cost to move and to maintain the smaller home. Make sure it really is cheaper to live there. Downsize only once you’re satisfied that the finances make sense.

Buy into your new lifestyle

A smaller house in your current neighborhood could be the right decision if your priority is maintaining close ties to neighbors. Just make sure there are amenities like public transportation and stores nearby if your health begins to deteriorate.

A retirement community could be perfect if you never want to move again and you want to focus on travel, hobbies and perfecting your golf stroke instead of mowing the lawn. Talk to current residents to see whether they’re happy with the rules and the way things are run. Another option you may prefer is a condominium to eliminate the maintenance but not be locked in for life like many life care communities.

It is a big decision to downsize. So, make it carefully, do not rush, and get professional advice about the real estate and financial aspects of moving.

Information courtesy of Chester County PA Realtor Scott Darling.

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When Is It Time To Downsize?

Wednesday, July 16, 2014
by Scott Darling

You’ve officially joined the ranks of the empty-nesters. One of the first questions that usually comes to mind is should we downsize our home. The kids are gone and we probably don’t need this big house. But is buying a smaller home right for you? Obviously, there are pros and cons to consider about both your finances and lifestyle before making a decision.

downsizeReasons not to downsize:

  • The family is spread all across the country and you want to have a place for everyone to gather for the holidays and vacations.
  • You’ve been in your current home for many years and have filled it with mementos you don’t want to part with.
  • You’re not emotionally ready to pack up and leave a lifestyle you worked hard to create. Leaving family, friends and familiar surroundings is more than you can bear.
  • You enjoy the feelings that go along with your larger home. A smaller home will not feel right for your current lifestyle.

Reasons to downsize:

  • The lower (or zero) mortgage payment that comes with a smaller home would give you more discretionary funds to travel and enjoy other recreational activities.
  • A smaller home means less to maintain and more time to play.
  • You and/or your spouse are not able to navigate the stairs like you use. A single level home is more desirable.
  • A smaller, newer home is more efficient and cost effective.
  • You need to be closer to a family member who needs assistance and your attention.

If you decide to downsize, make sure the new home fits both your lifestyle and pocketbook. Talk with a real estate professional about how much money you will net from the sale of your current home, as well as the costs of buying another one. Look into how much it would cost to move and to maintain the smaller home. Make sure it really is cheaper to live there. Downsize only once you’re satisfied that the finances make sense.

Buy into your new lifestyle:

A smaller house in your current neighborhood could be the right decision if your priority is maintaining close ties to neighbors. Just make sure there are amenities like public transportation and stores nearby if your health begins to deteriorate.

A retirement community could be perfect if you never want to move again and you want to focus on travel, hobbies and perfecting your golf stroke instead of mowing the lawn. Talk to current residents to see whether they’re happy with the rules and the way things are run. Another option you may prefer is a condominium to eliminate the maintenance but not be locked in for life like many life care communities.

It is a big decision to downsize. So, make it carefully, do not rush, and get professional advice about the real estate and financial aspects of moving.
 

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Should You Downsize Your Chester County PA Home?

Tuesday, June 19, 2012
by Scott Darling

There are many reasons to consider downsizing your present living quarters—retirement, an empty nest situation, financial pressures, a desire to have more free time, health conditions, etc.—but it is not a decision to be made without first doing extensive research, examining your finances, and evaluating the emotional impact of such a move.  As with any major change which affects your life, there are both pros and cons to be recognized and analyzed before taking—or not taking—the final step.  It is wise to consult a Realtor who specializes in downsizing and to read this article on the subject from Smart Money magazine as you investigate the possibility of leaving your Chester County PA home for a smaller residence.

Reasons to stay where you are might include:

  • Needing the room you have in your current Chester County PA home for guests and visits from family, especially grandchildren!
  • Being unable to part with so many treasured items or large furniture pieces
  • Requiring a great deal of storage space
  • Feeling comfortable in a large home where you have room to move around
  • Belonging to a familiar neighborhood surrounded by friends
  • Finding the task of packing and moving too daunting to consider
  • Paying high HOA fees and living with restrictions in a condo or townhouse community.

Reasons to downsize include:

  • Increasing your monthly cash flow.  Downsizing will result in a smaller mortgage payment; lower utility bills, maintenance costs, and property taxes; and less expensive insurance on your new home.
  • Having extra free time once spent on cleaning, doing yard work, and maintaining a larger home.
  • Enjoying an easier, less stressful lifestyle with fewer responsibilities.
  • Moving to a neighborhood of like-minded individuals—a golf or tennis community, e.g.
  • Planning ahead for unforeseen health problems and aging.

If, after weighing both the pros and cons, you decide to downsize your Chester County PA home, there are many sites on the Internet that can help you analyze your finances, estimate moving costs, deal with the emotional factor, and organize the downsizing process itself.  RISMedia offers five solid tips for efficiency, and About.com deals with market timing and when to sell your current home (answer: before you buy a smaller one!)

It is also helpful to personally talk with others who have downsized, Those who decided not to, a Realtor, and your accountant.  This is, after all, a major step in your life, and the more input you receive, the easier it will be to make an intelligent decision.

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