Points to Consider if You are Thinking of Downsizing
By Space Coast Daily // June 8, 2023
For those in the enviably fortunate position of your children having flown the proverbial nest, you may well be starting to think about the prospect of downsizing your home, either as you simply have too much space, or you want to free some cash for new adventures and experiences.
Here is a comprehensive guide to downsizing and what you need to look out for in your new property.
The Most Common Reasons to Downsize Your Home
First and foremost, even if you are merely considering the prospect of downsizing, it is essential that you understand that the process is a lot more complicated than simply moving home, as you will not only be reducing the size of your home, but also the entirety of your belongings.
Popular reasons people choose to downsize to a smaller property include:
- To release equity
- A reduction in mobility and accessibility
- Children leaving home
- A major life incident such as bereavement or divorce
- Needing to reduce the cost of household bills
Be Savy with Your Next Mortgage
You may well be in the fortunate position of being able to buy your second, smaller property outright; but as is the case of most people, you will likely be intending on taking out a new mortgage—but with significantly lower repayments.
Invest in some time to find the right loan officer in Florida who has experience and knowledge in the process of downsizing and all the financial attachments that such a move has.
Try Not to Underestimate How Emotional Downsizing Can Be
For those who love the idea of change and embrace new experiences and situations, you will find the process of downsizing significantly easier in an emotional context than those who are used to a routine.
Either way, however, downsizing can be more than a little emotionally taxing—especially if you have lived in your current property for a number of years. Just a few of the reasons why the whole process may feel more emotional than you first anticipated include the feeling of closing a huge chapter of your life, leaving behind beloved friends and family members, and letting go of items and furniture which hold special memories.
Take Decluttering Seriously
Once you have made the decision for any of the aforementioned reasons (or indeed your own personal ones), the sooner you start to systematically go through your belongings—both in terms of large items of furniture and boxes full of random items—the better.
Naturally, decluttering and downsizing everything you own is somewhat of a huge task and to prevent yourself from becoming overwhelmed with the project ahead of you, be methodical in your approach to decluttering.
Instead of whizzing around the house with a trash bag, start in one room and concentrate your efforts on one area of this room in the beginning. As with most other aspects of modern life, people tend to procrastinate due to the simple fact that a chore seems much larger in their mind than actually is in reality.