There are many reasons that people decide to downsize their home. Whether your retired, find the cost of a large home too much or you just want to live a simpler life. Downsizing your home can have many benefits but what questions should you ask yourself before making the final decision? Here are 5 questions that should be at the top of your list.
1. Does the home size matter to you?
For some people, having a large home can either be a status symbol or simply just what they need to live their life with a large family. What really matters to you? Do you need a large home or would you be fine in a smaller townhouse or condo?
2. Will you miss having a spacious home?
When thinking of downsizing, one of the major differences will be the space you have access to. This can either be outdoors or indoors. Do you love to garden and plant veggies in your backyard? Keep in mind that if you’re moving to a condo or apartment, you may no longer have access to everything you did before.
3. How much will it cost to move/replace furniture?
One thing that people sometimes forget when moving is the cost that comes along with it. When downsizing, you will most likely have to buy smaller furniture and get rid of some as well. Make a quick budget and list of all the potential costs that comes with moving.
4. Will you have any additional monthly costs?
When we think of downsizing, we usually associate less costs. However, if you chose to move to a condo complex you may have to pay monthly maintenance and condo fees. Is your current home already paid off? Will you want to start a new mortgage? These are all important questions to ask yourself before you move.
5. What neighbourhood will you move to?
Anytime you move it always comes with leaving neighbours you’ve become friends with and also leaving a neighbourhood you’ve become familiar with. It’s always important to do your research on what neighbourhood you are looking to move to before you put down a deposit on a house.
