Downsizing to a Smaller Home
Your home is more than the four walls that contain your belongings – it reflects who you are. While you may need a large home at one point, your circumstances could change, making it reasonable to consider downsizing. The advantage of downsizing in Fredericton is that each neighbourhood has unique characteristics that give you an extensive selection of smaller properties.
Why You Should Consider Downsizing to a Smaller Home
Downsizing is not a bad word. Instead, it’s a perfectly normal part of homeownership. Because as your needs change, your living arrangement should change as well to better accommodate your current needs. Essentially, your home should always meet your immediate needs.
Cost-Savings of Downsizing
In a practical sense, additional square footage typically means a costly utility bill. Consider that heating a five-bedroom home during Fredericton’s sub-zero temperatures – when you’re only using half of it – is both financially wasteful and environmentally careless.
Downsizing has a host of benefits that aren’t purely financial. With a smaller home comes the ability to free up time and resources for life’s other pleasures. If you’re an empty nester, for example, you’ll be able to invest in other facets of your life as you enter this new phase.
Perhaps a bungalow in Marysville, so you can spend your summer days fishing on the Nashwaak River, or a home in Nashwaaksis for easy access to picturesque trails could be appealing. For avid golfers, a garden home off Brookside Drive within walking distance of Fredericton’s West Hill Golf Club would be ideal. Downsizing allows you to merge your interests with your residence. The same applies if you’re a snowbird trying to escape those sub-zero temperatures; having a smaller summer home to maintain makes life even more enjoyable.
What to Expect When Downsizing to a Smaller Home in Fredericton – 5 Steps for A Smooth Transition
You may need to move out of your neighbourhood, but it’s unlikely you’ll need to move out of Fredericton. The properties in Fredericton cater to any phase in your homeownership cycle. Therefore, you can remain close to friends, family, and all you’ve come to love about Fredericton.
Step 1: Establish if Downsizing is the Right Solution
Evaluate your circumstances before you begin the process of downsizing. Determine what benefits a larger home provides and if a smaller home won’t be as (if not more) advantageous to your needs and desired lifestyle.
Often homeowners do not realize that their home isn’t serving them anymore. While they may be flirting with the idea of downsizing, they haven’t made any concrete plans. You’ll know if you’re ready to commit to downsizing and will feel prepared to tackle the process by taking the time to conclude if this is the right step. Discussing this option with your industry expert at The Right Choice Realty can offer insights into the current real estate market to ensure downsizing is the right option.
Step 2: Consider Your Needs
Downsizing to a smaller home can be the most liberating feeling as a homeowner. It signifies the start of a new chapter in your life, that when embraced, is only an advantage. But for downsizing to maintain its allure, you need to consider your needs.
- What Amenities Do You Need?
List the amenities your new home should have. What do you want nearby? Walking trails, hospitals, universities, airport, parks, family, or friends?
- What Purpose is This Home Serving?
Is this home a summer home, a way to reconnect with family that have moved away, or a way to simplify your retirement? You’ll know what to look for in a home if you know what purpose your new home should serve.
- What are some of Your Non-Negotiables?
Are you dreaming of a view? Do you want a vegetable garden? Are you planning to take your grandkids fishing? Just as you considered your needs, it’s beneficial to list non-negotiables features for your future home. Doing this also makes the process of communicating with your REALTOR® easier. Have you considered the benefits of a townhouse? We’ve taken a look at the pros and cons of buying a townhouse.
Step 3: Determine Whether You’re Selling First or Buying First
It’s time to start looking now that you’re armed with your list of needs and non-negotiables for your smaller home. At this stage, you’ll encounter a crucial question: Should I sell first or buy first? In most cases, it’s most appropriate to sell before you buy, as you’ll know what your market cap is. If your decision is to sell first, you might want to consider preparing by staging your home, especially if you have an abundance of stored items in the garage or basement.
However, the decision is deeply personal and should come after consulting an expert. The only way to know whether buying or selling first is the right choice for you is to discuss the decision with your REALTOR®. Our team has learned through decades of experience that this is a critical step in the process. Our recommendations always follow the careful analysis of your circumstances and needs with the goal to minimize stress and effectuate a seamless transition.
Step 4: Calculate the Cost of Downsizing to a Smaller Home
If you’re not prepared, the cost of downsizing to a smaller home can be shocking. You can avoid these costs by preparing a checklist.
Some of the items on your checklist should include:
- Measuring your smaller home to determine if your existing furniture fits, and if not, consider the cost of new furniture.
- Finding temporary storage for items you’ve yet to decide if you want to keep.
- Coordinating with adult children to determine if there are any items left in your home they would like to have.
Step 5: Optimize Your New Space
Less square footage requires being intentional with your space. Before you move, it’s a good idea to familiarize yourself with the smaller home. You’ll want to consider closet space, guest bedrooms and guest powder rooms. You’ll also want to think of which of your belongings are essential to avoid cluttering your small space.
If you’re having a hard time letting go of some of your items, invest in space-saving storage that can help you maximize your small space: items like under bed storage, storage ottomans, closet organizers, etc.
Remember, downsizing can also be a selfless act. Now that you no longer need a large home, you’re allowing another family to create memories and embrace their new phase in your home.
If you have any real estate questions you can reach our experienced team of professionals by calling 506-455-1980 or email firstname.lastname@example.org
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