Whether you’ve decided to eliminate debt from your life, or finally convert that school bus to be free to live that nomadic lifestyle on the road, you’re downsizing your home.
But before you start downsizing your home, it’s important to understand that there are many potential missteps along the way.
1) Not setting goals before downsizing your home
While the financial benefits of moving into a smaller space can be plentiful, it’s important to set goals before you begin downsizing the family home.
2) Ignoring hidden costs
Although you’ll be saving money on your mortgage and utilities by downsizing, that doesn’t mean you can throw financial caution to the wind. When you’re house shopping, make sure that the home you’re considering either doesn’t require extensive repairs or maintenance or at least make sure that you can comfortably afford them.
Also, ensure that your new home doesn’t come bundled with expensive property taxes and/or HOA fees that might eat into your savings. And if your downsize is taking you to more expensive markets, like homes for sale in Nairobi, be sure to factor in the potential increase in the cost of living as well.
3) Forgetting to budget for your move
As you begin to realize how much money you’ll save by downsizing, don’t forget about the costs associated with moving to a new location. While you may be thinking about cutting your costs by doing all the moving yourself, take a moment to consider hiring a moving company.
Not only would you have someone to pack, move, and unpack your belongings, but most movers provide insurance, meaning that you’ll be reimbursed should anything break. Since you’re already selling your current home and buying a smaller one, you should also think about downsizing all your belongings as well.
4) Not determining your lifestyle needs
After setting your goals, take some time to figure out what features you’d like to have in your new home. This is especially important when you’re downsizing as you’ll have less living space. If you’re downsizing because your kids have gone to college, then make sure that your new home will permit the lifestyle you want and that whatever belongings you’re taking with you will fit. That king-sized bed might not fit in your new condo.
5) Paying for rooms you won’t use
When you stop to think about which rooms you use the most in your home, it’s probably pretty simple: the living room, kitchen, a bedroom, and a bathroom. If you’re not using your dining room, den, and third or fourth bedroom, why even have them at all? By thinking about what rooms you currently do and do not use, you can simplify your search for a downsized home.
The same tactic can be applied to your yard. If you find yourself spending little of your free time enjoying your yard—rather just maintaining it—then consider looking for a new home either with a smaller yard or without one.
6) Being unorganized
Good organization is key to any move but it will prove especially useful when you’re downsizing your home. So take some time to look through your garage, closets, and spare rooms for anything that’s collecting dust. That sword you bought at the renaissance fair eight years ago might be awesome but do you really want to keep holding on to it?. Start by rounding up these sorts of belongings and then work your way through old clothes, toys, old appliances, etc., and separate them into three piles: keep, maybe, and donate.
If you find that you still need help with organizing for your move, reach out to a professional home organizer for assistance. They are experts in helping you decide what you should keep and what you should get rid of. They can also help you get organized in your new home as well, something that will prove vital to making the most of your downsizing efforts.
7) Taking too much physical media with you
There’s a good chance that when you downsize, you won’t have room for all those old photo albums anymore. While you may want to hold onto some of the physical copies for sentimental reasons, the majority of those photos can be digitized. By uploading your photos to a hard drive or cloud service, you’ll save space and also protect them from any future wear and tear as well.
8) Trying to take all of your furniture with you
While your two-story home is more than capable of housing all of your furniture, your new home won’t prove quite so spacious. So before you start loading king size beds or sectional sofas onto a moving truck, keep the limitations of your new home in mind. Also, furniture that is too large for a room will only make a room look smaller, so you may want to consider getting a new couch that will truly work in your new space.
If you’re feeling intimidated by the process of selecting and placing new furniture, consider hiring an interior designer. By doing so, you’ll be getting someone who is an expert at squeezing the most potential out of a room and budget while also making sure it fits your taste and lifestyle.
9) Skimping on storage
In addition to saving important documents that you don’t require frequent access to, a storage unit is a great option for saving sentimental items like an old onesie that your child has long since outgrown or seasonal items like winter coats. Whether you’re downsizing temporarily or for the long haul, renting a storage unit is a great option for those items that you don’t have space for but just can’t bring yourself to get rid of.
10) Not creating a downsizing schedule
Moving is a ton of work, even before you add downsizing to the mix. Avoid getting too stressed out by the process by remembering to take it one step at a time. Set a timeline for yourself and create a schedule accordingly, rather than attempting to tackle everything all at once. By creating a downsizing schedule, you’ll stay better organized throughout this process while also reducing stress.
11) Choosing the wrong type of home
When you’ve made up your mind to begin downsizing your home, you’ll then need to consider what type of home you want to move into. The type of home you decide on will depend on factors like your finances, health requirements, and the type of lifestyle you’re seeking. With that in mind, check out our rundown of the types of homes you may consider downsizing to and why they might be for you.
See Also: Downsizing: How to Deal With It All
