The Many Upsides to Downsizing
REALTOR® News & Views
The word downsizing comes with a highly negative connotation. When, in reality, it should be called smartsizing or rightsizing. What could be smarter than living efficiently in a dwelling that fits your lifestyle and family’s needs perfectly? Close your eyes and visualize this: an efficient home where all space is used, all possessions have a home, and there are no dumping grounds of long forgotten “treasures” and unused furniture. Sound like your house? Most likely not and you are not alone. Understanding the benefits of downsizing is the easy part, committing to do it is the hard part.
The benefits of downsizing can not only affect your wallet, but your state of mind as well. The two main areas of savings are money and time.
· Saving on the green stuff ($$$): In a nutshell, when you live in a smaller home, it costs less. The mortgage is lower, the utilities are less, the cost to repair the roof is half as much, and it costs less to pay the kid next door to mow your lawn.
· Saving on the daily purchases: This is simple once you understand the concept and buy into it. Because you live a smaller home, you need to have less stuff and it has to be organized. Because you are organized, you know what you have and where it is. The end result is a not buying more of what you already have and do not need.
· Time Savings: This is a biggy and should not be underestimated. How many times have you said “If only I had more time”. A smaller efficient and organized home is your ticket to more time. You will put your hands on what you need, when you need it. Furthermore, your house projects are more manageable because your dwelling is smaller. From vacuuming to mowing the lawn, you will save a precious commodity, time.
So, if downsizing is such a smart idea, what’s stopping you?
· Probably not house shopping. Looking for a new house is fun and invigorating. Dream a little… what if you sold one of your cars and moved from the suburbs to in town? What if?
· As long as you are not under water with your current home, cost is not an issue. Interest rates are the lowest they have been in years, now is clearly the time to look.
· What about all the “STUFF” you have accumulated over the last 30 years? Bingo !! This is the number one reason folks cannot fathom downsizing. The thought of going through and letting go of all your collected “treasures” is too overwhelming and emotional.
Words of advice:
· Think of the whole process as liberating.
· Start the process early. Talk to a real estate broker about the market. Talk with a mortgage broker. Talk with your family. Bounce ideas around. Change can be really fun.
· Hire downsizing professionals to help you. The process can be daunting and help is available.
Kim Dorsky, GPBR Affiliate member
Downsizing Made Easy
Yarmouth, ME 04096