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Moving is always a stressful and complicated process, and this can be especially true when a homeowner is downsizing. There is a lot to accomplish in a limited amount of time, and in the midst of things, sometimes particulars can be overlooked. If you’re planning a downsize, The RJF Team wants to help make sure you steer clear of these common downsizing don’ts.
Not Anticipating the Future
Homeowners are often thinking of the here and now when they’re downsizing. They are looking at their utility bills, an empty nest, and weekends consumed by lawn care. While those are excellent reasons to downsize, there are often future needs to consider.
There are several things you should take into consideration that could directly affect the home you choose. Do you anticipate any additions to the family? Even visiting grandchildren benefit from having their own space. Would a pet adoption mean changes in your search criteria? Is there a chance an older relative might stay with you later on? None of these concerns change the opportunity to downsize, but they might shape your house-hunting details.
Overlooking Personal Needs
Aging can often lead to changes in mobility, and with that in mind, older adults can benefit from finding a home suitable for aging in place. Rather than overlooking that potential need, Construction Dive notes many seniors are making simple, inexpensive home modifications to enhance safety and independence. For instance, grab bars, wider doorways, and non-slip flooring can go a long way toward keeping you comfortable.
Many seniors benefit from taking things a step further. If you currently have a mobility concern or struggle with routine daily tasks, such as dressing, grooming, or getting in and out of a chair, an assisted living community might be your best solution. Additionally, most assisted living facilities offer a number of important amenities, including prepared meals, private rooms, and housekeeping and laundry services. Many seniors considering this option find it helpful to begin their search online, then visit facilities personally to find the right match with their circumstances.
Not Considering the Costs
Downsizing can be a terrific segue to financial freedom, but if you don’t examine the Austin market carefully, you can end up no better off. That might not be a concern if your primary issue is having less home to tend, but it makes sense to find a property that will also provide some elbow room in your budget.
If you’re relocating, you should check the cost of living in the area you’re considering. Utilities, groceries, gas, health care, and so forth can really add up, and your dollars might not stretch as far as you think, because charges aren’t comparable in the new location. Similarly, housing association fees can be hundreds of dollars per month. That can quickly eat up the amount of savings homeowners hope to gain with a downsize, so examine the whole picture carefully.
Be sure to consider every angle for the best results. If you’re fortunate enough to own your own home, selling it outright and careful planning can sometimes mean making a purchase with cash, and perhaps even padding your nest egg. Or, when you couple lower home loan interest rates with a hefty down payment, you could also snag a very affordable mortgage rate.
Depending on what you’re able to spend, you may decide to reconsider homeownership. In some cases, it can be more cost-effective for you to rent something, but you’ll need to steer clear of city living and look instead to a suburban complex if you want to find something that’s under $800 a month.
Downsizing can be a dream come true for many homeowners, but only if they go about it in the right way. Think about the future, acknowledge your personal needs, and check the overall financial picture carefully. By steering clear of common mistakes, you can enjoy a smooth and positive downsize.
