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Dec 14, 2022 · Dec. 14, 2022, at 1:25 p.m. Do's and Don'ts of Downsizing. More. Getty Images. Downsizing to a smaller home could not only shrink your mortgage payments, but also help you lower your peripheral housing costs. These include property taxes, insurance, maintenance and repairs.
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Nov 26, 2019 · To get out of debt: If you're trying to get out of debt and have a decent amount of equity in your home, you may be able to sell, pay off your debt, and use your remaining equity as a down payment on a smaller home. An important note: Keep capital gains taxes in mind. The first $250,000 (if you're a single filer) or $500,000 (married filing ...
- How to Plan For A Downsize
- How to Maximize Your Smaller Space
- Our Conclusion
- FAQ About Downsizing to A Smaller Home
Planning for a downsize can take extra time and energy. However, the effort will pay off on moving day and in the following weeks as you settle into your new home.Use these tips to help you plan downsizing to a smaller home.
Use Space-Saving Furniture
As you shop for new furniture, look for space-saving or dual-purpose pieces that are appropriately sized for your space. Oversized or heavy furniture, for instance, will make small rooms feel even smaller. Rugs, drapes, and busy patterns can have the same effect. Avoid overcrowding rooms. Leave a little bit of space between walls and furniture. Long, clean lines and light colors can help a room feel larger. You can also save space by choosing fold-away furniture or pieces with hidden storage,...
Consider Renting a Storage Unit
If you have items you do not use year-round but wish to keep, consider renting a storage unit. Many moving companies offer both short- and long-term storage, including climate-controlled units that can safely store keepsakes and seasonal decorations. The money you save from downsizing can help cover the cost of a storage unit, which you can use as supplemental or temporary storage. It doesn’t have to be a permanent solution. Instead, use the storage unit for “maybe” items and commit to cleari...
Incorporate a Multipurpose Room
In a large home, each room can have its own purpose—a separate bedroom for each person plus a guest room, dedicated home office, dining room, and playroom. To make a smaller home functional, you might need some rooms to serve multiple purposes. Children might need to share a room, or a child’s bedroom may need to double as their playroom. If you work from home, your desk may need to be in the dining room or your bedroom.
Downsizing to a smaller home can be scary for some people, especially those accustomed to living in largerhomes. However, it can also be a financially prudent and liberating decision. Many homeowners find that they gain far more than they give up by downsizing. Moving into a smaller home requires organization and forethought, but it’s worth it to d...
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Apr 8, 2021 · 6) You want to turn home equity into retirement income. For most homeowners, equity is one of the most valuable assets, but sometimes your home may be too expensive to maintain. If your plan is to rely on home equity for income in retirement years, such as using a reverse mortgage, now may be the right time to downsize.
- Give yourself time. Downsizing should be a process—not an event—so start early. “Most people wait too long until they have to downsize in a state of trauma or emergency or challenge versus doing it preemptively and actually enjoying it,” Guy relays.
- Measure your new space and evaluate your storage options. Before moving, measure your new space and scope out opportunities to increase storage so you know exactly how much space you’ll have for your belongings.
- Use a set of evaluation questions to help you declutter. Start by writing a list of questions to help you evaluate what stays and what goes. In Marie Kondo’s best selling decluttering book The Magic of Tidying Up, she encourages readers to evaluate their belongings with one simple question, “does it spark joy?”
- Sell your furniture to the new buyers. The easiest way to get rid of existing furniture you don’t want to haul to your next place is to sell it to the future owners of your home.
Jun 8, 2023 · Published on June 8, 2023. Downsizing is a term in real estate typically reserved for that time in life when older people or couples whose children have flown the nest find themselves with more house than they need. Downsizing offers a way to save money and maintain a more modestly sized home—only the size you actually need at a new stage in ...
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May 28, 2024 · From the chance to save on bills, make household tasks more manageable to the new décor and opportunities of a new area, downsizing can be incredibly exciting. Plus, if you buy a cheaper property than the one you sold, that extra money can go a long way to helping you enjoy life in your new home!
