Downsizing to a smaller home can be a great solution for many, but it can also cause problems if you don’t have the right expectations and game plan. Whether you’re hoping to downsize to build a nest egg or you believe you don’t need the space now that your kids have left home, it’s important to think through every scenario and make an informed decision. Be sure to ask yourself these questions before downsizing!

Is there a financial benefit to downsizing?

A smaller home doesn’t always mean more money in your wallet. The costs of things like a new mortgage, property taxes, insurance, repairs, HOA fees, and upgrades of the new home, can make it more costly to downsize. Take a deep look at your finances and compare what the upfront costs will be as well as the long-term costs to see if there’s a financial benefit to downsizing.

Are you excited about having less space or does it make you nervous?

The benefits of a smaller home usually come with less maintenance and cleaning. If you’re excited about having less home to take care of and not worried about having enough space for guests or parties, you’re likely ready to downsize.

What are you going to do with your stuff?

A larger home needs more furniture and even larger furniture to take up space. There’s also room to keep and collect more than you need. Think about what you need to keep rather than what you can get rid of. It’ll help you determine if downsizing is feasible for you.

Can you look past square footage and focus on floorplans?

A smaller home may mean less square footage, but it doesn’t have to mean less space. The right floorplan that maximizes the space well can feel larger than your current home. Don’t ignore a home based on square footage alone. Think about how you could place furniture, where you could add more space to make it comfortable for you and your needs.

Can you see yourself in a smaller home?

This is a question that will likely only be answered when you start to tour homes. When you see what smaller homes offer, you’ll be able to compare what you have currently with what’s on the market and see if you can make the sacrifices that you’ll need to make to move into a smaller home.

If you have questions about downsizing your home or about the current Reno real estate market, contact the David Morris Group. We’re happy to be your real estate resource!