Are savings and simplicity in your future? Scaling down doesn’t mean taking a step back, it opens a world of possibilities! There are many reasons homeowners decide it's their time to downsize and reclaim drained energy. Use this guide to learn how you could save money by aligning your next home with your needs and goals:
Why Downsize?
In 2022 homeowners are now shifting their goals to create homes that fit their wants and needs. From selecting features you've always wanted, to incorporating your lifestyle into your home, there are many situations where scaling down just makes sense.
Common reasons for scaling down:
The kids are grown and now the nest is empty.
Your current house is exhausting to upkeep
You travel often or for a living
Looking to save money on energy and maintenance costs
Need a more accessible space
Focusing on location
Cutting costs on your monthly expenses by downsizing gives you the freedom to expand your lifestyle. Splurge on your hobbies, take vacations or boost retirement accounts with the money you’ll save. Selling your current home could even fund your new endeavor.
Is Scaling Down Right for You?
Take the time to evaluate your lifestyle and future goals to explore what downsizing could look like for you. A growing family or home-based business might benefit from an extra room or two. If your plans fit into a smaller space than the one you’re in, downsizing could be your best move yet. Ask yourself these questions when thinking about downsizing:
Will my grown kids or aging parents need to move in at any point?
Will my hobbies or future goals require a home studio or office?
Will downsizing require major lifestyle changes?
Is it difficult to keep up with cleaning in my current home?
Do entire sections or rooms in my current home go unused?
How much could I be saving on monthly expenses if I downsize?
Could I be in a better location with a smaller space?
Remember, smaller is smarter when it allows you to take control of your finances and build a brighter future.
The Big Benefits of Smaller Spaces
Scaling down could be the key that unlocks the time and resources you have been looking for. In many ways, a smaller more manageable space could improve your quality of life and have your future self saying thank you! Downsizing could help you:
Save money on utility costs, like heating and cooling.
Access dream home locations
Redirect savings toward retirement funds or travel.
Pay your mortgage faster.
Cut down on clutter.
Spend more time doing the things you love
Live in an eco-friendly, energy-efficient space
Whatever your potential reason for change may be, there is no age limit on moving into your perfect home.
Pro Tips for Scaling Down
If you have explored the possibilities of what downsizing could do for your life, then Nichole Willey & Team is here to help you get started. Our Team can help you find the perfect home that fits your next steps in life. When starting the downsizing process:
Give yourself plenty of time
Plan ahead and give yourself enough time to find the right location and size home you are searching for. The moving process can be strenuous, so having a Real Estate Agent that can cover both the buying and selling sides of your move creates a more seamless transition into your new home.
Find your Location
Investing in a new home that is close to your job, family or hobbies can help simplify your life even further
Commit to downsizing
Scaling down is a great opportunity for decluttering. Evaluate your belongings with a critical eye and focus on keeping items that make you happy.
Plan to sell or buy furniture
Think ahead with your new home furnishings. Your current furniture has the opportunity to be sold or donated if it does not fit with your new space. Consignment and garage sales offer an eco-friendly way to recycle old furniture and fund those new purchases.
Keep it functional
When designing your new space keep in mind the potential function for every inch of space. Choose functional furniture with multiple uses or built-in storage space to make the most of your new home.
Still on the fence about scaling down and finding your next space? Nichole Willey & Team has the neighborhood knowledge of every nook and cranny on Cape Cod, to help you move into your owna little slice of heaven. You may be paying hidden costs in your current home and don't even know it! Be sure to read our guide on the 5 Unexpected Costs of Owning a Home, and contact us to get your downsize journey started!