Downsizing. It’s something that we see often—especially with parents who suddenly become empty-nesters. There are other reasons for some homeowners to do it also—wanting less maintenance, more freedom, a belief that less is more, etc.
The question you might ask is, “Should I do it?” Rather than answering that directly for you, at Raleigh Cary Realty, we thought we would give you the biggest pros and cons we’ve come across, so you can make an educated decision for yourself.
We’ll start with the pros:
- Financial benefits—Odds are, when downsizing, homeowners are going from a higher valued home to a lesser one, which means they will be reducing their costs—mortgage, taxes, utilities, and so on. That leads to more discretionary funds.
- Decluttering—When moving to a smaller place, homeowners are forced to give up some possessions that just will not fit or will be needed in the new house. Having a yard sale, donating, or recycling are all good ways to reduce what you take with you.
- Less cleaning—It’s a lot easier keeping up with 2500 square feet versus 4000.
- Fresh start—If homeowners have been in one house for several years, downsizing can open up a new chapter in their lives with new adventures.
Now, here are the cons:
- Less room for guests and entertaining—If homeowners were used to large holiday parties or having family visit for periods of time, that might not be easy to repeat in a smaller home.
- Change is hard for some—For many people, change is not easy. There is an emotional attachment to a home that the kids grew up in, and parting with some possessions may be a hard decision to make.
- You may feel confined—When someone is accustomed to a larger house, moving to a smaller one (even with the kids gone) might seem a little cramped. Organizing the new space is the key to overcoming that.
- New neighborhood to get used to—When homeowners downsize, they are always moving to a new area. Getting used to the new neighborhood takes time.
So, there you have it. Those are the biggest pros and cons we have seen with downsizing. If you are interested in downsizing, come see us at Raleigh Cary Realty, so we can help you through the process.