IS DOWNSIZING THE RIGHT CHOICE FOR YOU?

Posted by DB Wilson on Wednesday, December 8th, 2010 at 1:32pm.

Many things in life happen unexpectedly. Whether you are an adult with an empty nest, recently unemployed, going through a divorce, or even just tired of caring and maintaining for a larger home, it may be time to start the downsizing process. For most homeowners, downsizing may be the opposite of what they've worked for their entire lives. For others, a smaller home is a thrilling idea due to the decrease in work and bills, and the option of moving to a completely different area.

By deciding to purchase a smaller home or condo, you are potentially saving a substantial amount of time and money that could all be put towards things like entertainment, culture and nightlife. Even though a lower-maintenance lifestyle may be just the right thing for you, there are a few things for you to consider before making the change.

Be sure to ask yourself a few important questions before making the decision. What will you miss about living in a larger home? Will this choice save you time and maintenance responsibility? Are there any other factors that will affect your decision to move into a smaller home? Some factors may affect your decision, for example, an adult child moving back home temporarily. Will your downsizing be able to handle this scenario? These are things you need to think about beforehand.

Downsizers must also consider the cost of doing so. Not only will you have to cut down on your number of possessions, but furniture will also need to be downsized. You may have to sell things like furniture and appliances and buy anew in order to suit the newer, more conservative space. This may or may not be an issue, but don't fail to consider this as another step to the process.

When trying to find the right house, think about townhouses, condos and lofts as options. Many household duties such as lawn mowing and repairs will be covered for you, providing you with an easier lifestyle and less responsibility. Aim for housing styles that will allow for modest living with minimal upkeep--that is the key to downsizing.

Lastly, choosing a neighborhood is an important part of buying any type of home. For smaller options, try looking in the center of town or downtown. Doing so can keep commuting costs low and provide you with more options and, in some areas, a degree of “walkability”.

Working with a knowledgeable real estate professional can help you find something that's just right for you. Downsizing can be a very positive experience for flexible homeowners looking to move to the next stage of their lives.

For more information regarding downsizing to a smaller home, please contact our office at 303-449-7000 or RE/MAX of Boulder, Inc..

RE/MAX of Boulder, Inc. located on the corner of Canyon and Folsom, is nationally and locally recognized as one of the most successful real estate offices in the industry. Nationally, they are one of the "Top 500 Power Brokers in the United States" as listed in both National Real Estate & Relocation and Real Trends magazines. Regionally, for the 3rd year in a row, the company has been named the #1 RE/MAX office in America for Single Office Closed Volume. They can be reached at 303.449.7000 or visit www.BoulderCO.com. Connect with them on Facebook and Twitter, search remaxofboulder.

Leave a Comment