As more and more FUD (fear, uncertainty, doubt) continues to enter into the economy and fears of a recession are ever looming, I imagine many of us are looking for ways to cut back on spending. To improve your financial standing you can either make more money or spend less of it. Unfortunately it’s much easier to say ‘no’ to certain spending vs getting a raise from your employer. For those of us young professionals that are renting, if you’re lease it us you might be pondering giving back some of that extra space you got during COVID when you got a bigger place and downsizing to something more affordable.

One of the best things about a smaller home is that it can make you feel more at home and less like renting a space. If you want to move somewhere new, consider downsizing your current house before buying a new home. Downsizing can save money, but it’s also essential to think about your lifestyle. Here are three things to consider when looking for a downsizing home.

Photo by Max Vakhtbovych

Location is everything

The old adage about real estate (location, location, location) still rings true. Location can significantly impact how much money you’ll need for transportation costs (gas or public transit) and other expenses like maintenance and property taxes. It’s important to think about how close or far away you are from amenities like grocery stores, libraries, gyms, parks—and even social activities!

The distance between where you live now and where you work may play a role in determining whether or not it’s feasible for someone in their 60s or 70s to commute each day without losing their health over time. 

Remember Your Family

Your home is where you’re comfortable. It’s where you feel safe, at ease, and happy. This isn’t to say that the value of your house should be more important than the people in it, but if there’s something wrong with either one, nothing else matters.

Your home is where your family gathers, whether at your kitchen table or a Sunday brunch spot. When it comes time to downsize, think about which spaces are most important for hosting family dinners and holidays; these may not necessarily be close to each other as they were in a larger house or apartment! Will there be enough bedrooms for everybody? What about living spaces? You may not need your own bedroom and sharing can be feasible (my brother and I did it for many years!) but it’s important to think through the physical layout before moving!  

Research Into A Smaller Home

While many people want to reduce their homes to get rid of possessions and enjoy simpler living, but there are other reasons why a smaller space is better suited for your lifestyle. For example, a small house has less maintenance, meaning less time spent cleaning and fixing things. You also won’t have to keep pets out of certain rooms because they’ll be easier to keep track of in fewer places. 

Smaller houses usually cost less than larger ones and are great for those looking for a small place. So if finances are an issue for you when downsizing, consider buying a smaller home (see trailer parks near me for example) to save money on mortgage payments or rent costs each month. Also, with a small house, you can feel like you have plenty of room for yourself without having too much space for other people who may live with you! 

Conclusion

Downsizing is often a stressful part of life, but it doesn’t have to be! Choosing the right home for your next chapter is about finding the best fit. When you’re downsizing, you want to be sure that you are happy with your new place and the people who live in it. Location, the comfort level of living space, and community activities are crucial for retirees looking at smaller homes. 

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