Downsizing: 3 Essential Things to Consider



Moving house can be incredibly stressful, and downsizing is no exception to this rule. Although many people see it as a way of simplifying their lives, it still raises a lot of issues to consider, and it can be fraught with emotion.

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Often, the decision to downsize marks a momentous event in your life: either recognition of age, a change of circumstances, or a desire to streamline your everyday existence. There are all sorts of feelings tangled up with the choice itself, and they sometimes make it hard to think clearly.

But there are some very important questions that you need to ask yourself before you take the plunge. Here are three of them to start with…

#1: How Quickly Do You Need to Move?

Downsizing is often triggered by a change in circumstances, and is frequently a result of financial issues that simply won’t go away. Although it may be the case that you no longer need such a large house, and have time to wait for the right buyer to come along, those with creditors on their back will find themselves in a very different position. A speedy sale can be fundamental to keeping your finances on track, and where this is true, affirmative action may need to be taken. Quick sale companies like Quick Move Now are one option to explore, although pricing your house realistically and being willing to negotiate may well achieve the same ends.

#2: How Large is Your Budget?

A second question to ask yourself relates to your budget: how large, exactly, is it? As a general rule, smaller properties cost less to purchase, so assuming that you have some equity in your mortgage, you may well have a little profit left over. It’s vital to consider what you would like to do with this. One option is to sink all of it into your next property, by opting to choose somewhere smaller but more luxurious or centrally located. However, if you’d rather keep it and use the excess on something else, then you’ll still have a substantial sum to play around with: what will you spend it on?

#3: What Will You Do With Your Possessions?

The third question is less theoretical and more practical: what will you do with your excess possessions. Those who downsize tend to find that they have a surplus of furnishings left over when they move, and no spare space to put them in. This means that it’s a good idea to consider what to keep and throw or donate well in advance of your move. If you have some good quality, valuable items that you would like to hang onto, then can you choose a property with a roomy garage, or rent some extra storage space? On the other hand, if there is no value to you in keeping your possessions, either materially or sentimentally, could you sell them on eBay or donate them to charity? If so, you may find that this adds a little more to the pot, creating a tidy nest egg for you to sit on.

 

About the author: Ben Beard is a contributing writer for Realty Biz News

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