Main Content

What you need to know about downsizing your home

CAD render of downsizing in the housing market

Downsizing a home has its own set of pros and cons. If you’re considering this particular move, make sure you know what’s in store.

Find out everything you need to know about downsizing with this handy guide containing general information and great downsizing advice.

What is downsizing?

Downsizing in real estate means selling your current home then purchasing a smaller or less expensive property. The most popular reasons for downsizing include reducing household-related expenses, needing less space, and having fewer responsibilities.

When is the right time to downsize?

If you want to downsize your home successfully, you need to get the timing right. Downsizing at the wrong time could put a strain on your finances and affect your overall lifestyle. These are common signs that tell you it’s time to downsize your home:

You have a lot of unused space

Bigger isn’t always better when it comes to living comfortably in your own home. If you find yourself with a lot of vacant rooms collecting dust and underutilized storage spaces, then it’s probably time to move to a smaller property.

Unused rooms will end up costing you more money in the long run in terms of maintenance, utilities, and the like.

Home expenses are too much

Larger homes are more expensive to maintain than smaller properties. With a big house, you have higher maintenance costs, property taxes, and utilities.

When you realize that it’s getting harder to keep up with the expenses of your current home, then it’s best to find a property that’s more suited for you financially.

Chores are becoming overwhelming

Housework makes up for a large portion of a homeowner’s responsibility. The day-to-day upkeep of a large property can become overwhelming for those living alone or those with children. When owning a home becomes a burden instead of a luxury, then it’s best to downsize to a more manageable house.

The unexpected benefits of downsizing your home

There are other great advantages to downsizing on top of having less space to manage and saving on bills and taxes. Check out this list of additional benefits:

  • Encourages less spending

    Often, homeowners with large properties fill their space with items they don’t want or need just so the space won’t feel so empty. If you live in a smaller space, you can dedicate your spending toward appliances, furniture, and décor that you really need.

  • Less stress

    Taking care of a home is tough work, especially for those with too much space. There will always be something that needs cleaning or maintenance, and this can take a heavy toll on homeowners. But with a smaller property, you’ll have fewer responsibilities, thus enabling you to relax and enjoy your home more.

  • More free time

    Fewer chores and responsibilities mean you’ll have more time doing what you love. Instead of spending the weekend catching up on home maintenance, you can spend time with your family or take up new hobbies.

    Also, smaller properties are easier to secure. This means you can spend more time traveling without having to worry about your home while you’re away.

  • More energy-efficient

    Smaller homes require less gas, electricity, and water. In time, this will save you a lot on utilities.

Downsizing tips to keep in mind

Downsizing can be stressful if you’re not fully prepared. Follow these expert downsizing tips to make your move a success:

  • Figure out what you want

    Before making the move, figure out first exactly what you want in your property. List down the most used rooms in your current home and make sure your new property has similar features. If your family enjoys spending time together in the living room, for example, then find a home with a spacious living area.

  • Know the hidden costs

    Downsizing comes with a lot of expenses. Take into consideration the closing costs (both for selling your current home and buying your new one), moving costs, and renovation costs.

    Make sure to include these in your overall budget so you won’t run the risk of overspending.

  • Be organized

    There’s a lot to think about when downsizing a home, from finding the perfect property to conducting a sale. Have a moving plan, follow a downsizing checklist, and keep all your documents in order during your transaction so you can be on top of everything.

Get in touch with the Danais Gordon Realty Group

Thinking of downsizing in Connecticut? Contact Kathy Danais and Lisa Gordon at 860.214.1295 or 860.805.7722. You can also send an email to kathydanais(at)gmail(dotted)com or lgordonrealtor(at)gmail(dotted)com. With over 30 years of combined experience in Connecticut real estate, you can count on our team to provide only the best customer service. We’re here to make sure your home sale and purchase are as easy and as stress-free as possible.