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Real Estate Tips

Factors to Consider Before Moving to a Smaller Home

Posted on Thursday, August 10, 2017
Choosing a smaller home can mean downsizing some of your possessions.

Housing needs change as life circumstances change. People with growing families often choose to move to larger homes, while empty nesters may opt for smaller homes. A growing number of people want to move to a smaller house, but is that the right house buying choice for your family?

Why Do You Want to Live Small?

Families choose to downsize their living space for many reasons. It could be a financial choice, choosing to keep debt low and still maintain the dream of home ownership. It could be a way to live in a new place, such as the downtown core. It could be a flexible choice that allows a family to tour the country in a mobile home. It could be the result of a realization that a home feels too large now that the children have left.

Before you make the decision to move to a smaller home, know why you are doing so. Make sure that a smaller home will actually solve the problem or help you create the lifestyle you want. A careful consideration of your goals before you move will help you be happy with your choice and not regret it later.

Will This Be the Right Financial Choice?

Living in a smaller home can be less expensive. You will likely pay lower utility bills. However, if you are moving to an urban apartment from a suburban home, you could pay a similar price for your house and have a similar tax rate. If you are choosing to live small for financial reasons, make sure that your new house actually fits the bill.

Can You Pare Down Your Belongings?

Living in a smaller space means that unless you have spectacular storage space, you will likely need to pare down some of your belongings. This can make your house buying experience stressful, but it can also make it liberating.

If you have always wanted to give away your collection of vintage toilet paper rolls, now is the time. Some people choose to downsize specifically so that they will have fewer items to clean. Remember that it is better to have the right things rather than to just have lots of things. On the other hand, if you really value space to host your collections or you have hobbies that take up a lot of space, downsizing to a smaller home may not be right for you.

If you share your larger home with others or could do so in the future, you will also need to think of their needs as you downsize.

Are There Others In Your Household Who Need Space?

You might be dreaming about a smaller home, but do others in your family feel the same way? Do you have children who might return to the nest, elderly family members who need care, many pets, or family members who appreciate some of the amenities that your larger home provides? You will need to think about their needs as well as yours as you plan to make a change.

What Amenities Do You Need Outside the Home?

US News says that "in 1950, the average home size was 983 square feet." How did people manage? They had fewer things, they shared what they had, and they also used community amenities.

While a large home with a playroom is pleasant, you could also live in an apartment and have a park across the street. If you enjoy gardening but do not have a garden of your own, you could volunteer at a local community garden. The local fitness center could replace your home gym.

If you are planning to go small, you need to find a way to continue those activities that you enjoy. Look to your prospective community for these amenities instead, and you can live in a smaller home surrounded by a community that helps you meet your needs.

Are you ready for house buying information that will help you make the best decision about your smaller home? Take a look at the blog at Open For Homes and learn more about your home choices.