Buying a home is one of the biggest financial decisions the average person makes in their lifetime, but an equally large dilemma confronts many homeowners at one point or another: downsizing. There are lots of reasons you might consider selling your current residential home and moving into a smaller or less expensive property, but that doesn’t necessarily mean it’s always the best option. Where there’s a pro, there’s bound to be a con, and downsizing is no exception.
In this article from McCall Homes, we’ll review the upsides and the downsides of downsizing — try saying that ten times fast! For more homeowner resources and guides, such as tips for finding the perfect family home, please visit our main blog page. So whether you’re downsizing or expanding your home, contact us for more information about our diverse array of floorplans. We look forward to helping you find your home!
Pro: You Can Make A Little (Or A Lot) Of Money
When you downsize your home, you’ll need to get rid of a fair number of your current belongings, from furnishings to clothing to appliances. Rather than dumping them in a garbage can or leaving them on the curb with a “FREE” sign, you can make a surprisingly pretty penny from selling these items. What’s more, you’ll be shoring up significant space when you downsize to your new home.
Don’t fancy yourself a salesperson? If you decide to donate the possessions you don’t intend to bring to your new residence, that’s awesome! Just be sure to take advantage of the tax write-off, if you so desire.
Pro: You’ll Save More In The Long Run
When considering downsizing to a smaller residential property, one of the biggest appeals may be the lower cost of your next home. If you downsize to a house that’s smaller and less expensive than your current home — which you’ve hopefully been successful in selling — you’ll be moving with more money to spend, as well as less square footage to maintain. Not only does that mean less cleaning and yard care, but you’re likely to have lower energy requirements and utility bills as well! Use the extra equity you’ve gained from your old home to travel, pay off other debts, or purchase an investment property!
Con: You’ll Need To Confront Your Past . . . Purchases!
Most people don’t openly admit to being materialistic or attached to their possessions, but when it comes to the preparations involved in downsizing a home, you may find yourself struggling with the process of purging. Whether it’s a much-loved loveseat or a favorite vinyl records or CDs, you’re bound to run into a few objects that you’re hesitant to throw out, donate, or sell. When trying to decide if something stays or goes, ask yourself when was the last time these items brought you joy? Have you used them in the last year? Will your kids actually want them when they grow up? Would someone else get more use out of them?
Con: You Might Feel Cramped
Downsizing almost always requires adjusting to a less spacious environment than you’re used to. In some cases and for some individuals, a drastic decrease or dramatic change in square footage may induce anxiety or even mild claustrophobia due to the perceived sensation of losing so much space. If it’s important to you that you maintain a relatively similar design and layout of your current home, then before downsizing, ensure that your prospective property can accommodate this — without cramping your style.
Con: Moving Costs Money
Although moving to a smaller or less expensive home is generally a smart financial decision, many homeowners contemplating the idea may forget to consider the hidden costs associated with the downsizing process. Unless you do everything yourself (um, no thank you….), you may incur costs due to a combination of fees for moving boxes and supplies, moving truck rentals, and hired help from professional movers. Oh, and you’ll likely need a real estate agent for the sale of your current home (remember the seller pays the agent fees, not the buyer). Whether you’re downsizing or making a lateral move, there will be costs involved. These expenses, however, can be offset with the sale of furniture and other household items that are still in good shape. Or by enlisting willing friends and neighbors to help you. Believe it or not, there are actually people you know who might like this sort of thing.
Pro: You’ll Find A Neighborhood You Really Love
The memories we make and keep in our youth are just as important as the manner in which we carry out our lives as adults, so it goes without saying that the neighborhood you grew up in likely had a big impact on cultivating the person you are today. As someone now considering the idea of downsizing to a second or even third home, you may not be alone on your journey to find the perfect property — you’ll want to ensure that your family is happy too! When you decide to leave your current residence for a less roomy abode, make sure that everyone involved is satisfied with both the home and its surrounding neighborhood.
Final Thoughts: Should You Downsize?
Downsizing is a big decision, especially if you’re considering moving homes with other family members. Whether you discuss downsizing with your spouse, your children, or your whole family, what matters is that every party involved feels comfortable and excited about the endeavor. If you have a spouse or children to factor into the domestic equation, you may want to ask each family member how they feel about a smaller space. Be open to ideas or concerns they might have. Most importantly, ask yourself what you truly value in a home property, and whether the homes you’re considering measure up to you and your loved ones’ standards.
If finding a family home in Billings, MT is important to you as you go about house-hunting or downsizing, we encourage you to reach out to our team at McCall Homes. We’re proud to build energy-efficient homes in the Billings area in a wide range of sizes and styles.
Our team includes both home designers and residential construction experts, so if you don’t fancy a pre-built floor plan, we’re more than happy to help you personalize one of our floor plans to suit your specific tastes! Contact us today to learn more about our homes for sale in Billings, or explore 3D virtual tours of our floor plans.