Four Questions to Ask Before Downsizing

Posted on Wednesday, November 4th, 2015 at 4:58pm.

Four Questions to Ask Before Downsizing

For some homeowners, bigger is not always better. If you’re starting to feel overwhelmed by your home, it may be time to consider downsizing. Whether you’re an empty-nester or simply need a smaller space, here are some questions to consider before making the move to a smaller home.

Does Size Matter? In a world that constantly sends the message that “bigger is better”, downsizing can make homeowners feel like their status has slipped. Once you’ve settled into your new, downsized home, will you feel liberated, or like you’ve taken a step backward in life? Take time to examine your feelings about moving to a smaller home.

How Will Your Lifestyle Change? Moving into a smaller home is an adjustment. In a smaller home, you could spend less time cleaning and maintaining your home, and more time out and about. On the other hand, downsizing also means less room for visitors, so you may not be able to host large family events or have a spare bedroom for adult children living at home or aging parents that could move in with you. It’s important to consider how your lifestyle will change before making the decision to downsize.

What is Your Ideal Home/Neighborhood? For homeowners who have decided to downsize, there are many options in smaller homes. If city living is what you’re after, a condo or townhouse within walking distance of local amenities could be the perfect fit. If you’re age 55 or older, communities like Sun City in Georgetown and Tuscan Village in Lakeway could be a good option. These and similar communities are known for low-maintenance living and host plenty of activities for residents. Plenty of neighborhoods may offer lawn maintenance or amenities as part of an HOA fee as well.

What is the Cost? It’s easy to think that buying a smaller home is less expensive than moving to another large home. However, it’s important to consider the state of the market and where you want to live when downsizing, like you would for any home purchase. In the Austin area, moving to a small home in Central Austin could be more expensive than one in the suburbs. Be sure to examine all the costs of a new small home, including your mortgage payment, property taxes, and utility bills, to help you decide if downsizing is a smart choice.

Thinking about making a move in the Austin area? Our agents are experts in Austin real estate and would love the opportunity to serve you and answer your questions. Contact us today!

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