How to Ensure Downsizing Home Works for You

Downsizing our homes can be the right decision at any stage of our lives. It simplifies life and makes caring for our properties that much easier. However, you’ll need to avoid some common pitfalls if you want your transition to be smooth. Kevin Szabo Jr Plumbing provides some tips and resources that will help you during the downsizing process.

Give Yourself Time

Buying a home is not a quick, straightforward process. Yet, many people assume that, because they are downsizing, the length of time to buy a home downsizes as well. Unfortunately, it likely won't, as you must still do some market analysis to know what to expect regarding prices and competition. However, housing costs are expected to continue increasing for the foreseeable future, so remember to take this into consideration. While this process might be longer than many people expect, it isn’t the only thing that has to be planned for. For instance, switching your utilities can take over a month, and you don’t want to move into a new property only to find yourself without electricity, gas, or water.

Know Your Finance

Another all-too-frequent misstep is to assume that a property will be cheaper because it’s smaller. That's not always the case, and you may need a budget to help you save for what could turn into a new mortgage. As a means to start, figure out what your fixed and variable monthly expenses look like. Then, subtract that total from your monthly income — giving yourself a little wiggle room for emergency spending — and determine your potential mortgage.

Taking It All

Moving to a smaller space often means you cannot take all of your current possessions with you. Unfortunately, many items will be difficult to fit and store in a house with less square footage. Even worse, you may not even be able to get larger items, such as furniture, through the door. So, to remove some stress, give yourself ample time to declutter your possessions. Even better, the more time you have, the more likely you may be to turn a profit through auctions, online marketplaces, or yard sales. To help you gauge what can be taken, use an online room design app like Homestyler to visualize your future property's dimensions. By doing so, you can determine if your current furniture will work with your new home.

Plan for Moving Costs

Moving, even locally, can be expensive in and of itself. If you want to ensure you don’t overspend, you’ll have to factor relocation into the overall budget you’ve created for yourself. Although you have the option to take out a small loan, known as a bridge loan, to cover unexpected expenses during moving, it’s best to not need one. Often with high interest rates attached, it’s simply more money out of your pocket in the long term. Given that, do your research ahead of time to figure out the costs of moving to avoid unnecessary spending. You should also look closely at reviews on sites like Angi.com to ensure you’re getting a Chicago-area moving company whose services you can trust; going with a cheaper company now may end up costing you dearly at the end of the day. 

Not Involving Loved Ones

It never hurts to use our loved ones as a sounding board for ideas when it comes to downsizing, yet you want to be certain they don’t end up dominating your conversations. Regrettably, family may have differing ideas on what is best, which could make things more complicated than needed. In particular, adult children might be concerned about losing out on treasured possessions while you declutter. To avoid any disputes, set boundaries when discussing your move, but try to see their perspectives too. As a compromise, and to make matters easier for you, consider allowing them to take what they want. Yet, if you do offer any belongings, make it clear that you can't store these things any longer.

Downsizing is a good decision, but not one to make lightly. However, with the right preparation, you can be ready for the process. Take the time you need to plan for your downsize today.

Kevin Szabo Jr Plumbing provides outstanding plumbing services for residences and commercial properties. Call today at 708-845-7922.

Guest Contributor: Bob Shannon