Are you ready to downsize your home?

When you are young and starting a family, having a big, spacious home for the family to grow in is a great idea. But, as you get older, kids move out, and you start needing less space. It can be hard to know what to do with the extra room you now have and all of the stuff that has been accumulated over the years. You don’t use half of the space or items you have, and it can start to feel like a waste.

It may even be costing you more financially to have this large home.

This is when most people start to consider downsizing.

But how do you start the process of downsizing?
Is it as beneficial as it seems?
Do you need to prepare your current home to move?
Is it as beneficial as it seems?
Do you need to prepare your current home to move?

These are all fair questions that everyone has when considering downsizing.

At KM Home Buyers, we meet people all the time who are looking to downsize their homes. We help to take their house off of them so that they can get into their new space quickly and efficiently.

People who look into downsizing are mainly parents who have found themselves to be empty-nesters or senior citizens who just simply don’t need the space anymore. These people need help in figuring out how to move into and live in a smaller space.

What is Downsizing?

People hear the word “downsizing” a lot and often are unsure of what it means. It depends on the context. Often when downsizing is brought up people are talking about companies or careers, in the home space, it means something different.

Downsizing is a term used to define the process of moving into a smaller space and getting rid of items that you no longer need.

This could be from a house to a condo or from a condo to an apartment, whatever it is. Downsizing helps people to use space efficiently with fewer items. An extreme example of downsized living is in tiny homes. Tiny home people have learned how to adequately get rid of excess objects and organize an efficient living space. These people spent hours preparing and planning for their downsized home. The most important thing to keep in mind when downsizing is preparedness.

While making sure you are fitted for downsizing by getting rid of excess items is important, you always need to be prepared to find a house that suits you. Are you and your partner looking for a condo? An apartment? Or maybe you just want a smaller house in the same area? These are important things to consider as each option has different advantages and disadvantages.

How to Downsize a House or Condo?

Okay, so you have thought about it and you are ready to downsize. It sounds like a great option since it will allow you to save money and have a space that fits your new lifestyle.

Many people wonder just how to downsize? Where do you start?

Every year thousands of people make the move from a house to a condo or an apartment. Just the process of combing through possessions, finding a new place, and adjusting to a smaller space can be daunting. But it is possible.

It is important to remember to start early, prioritize your possessions, and reduce wasteful objects as much as possible. This will set you up for success. Along with decluttering, finances are a very important thing to consider when making this lifestyle change. 

One of the things to contemplate when downsizing is the cost. Does it make financial sense for you to move? There are costs of preparing a home, selling a home, and seeing if a smaller space will truly benefit you.

You need to first sell the primary home. Selling involves preparing the home for sale, hiring a real estate agent, and paying for the agent’s commission along with all of the paperwork. Our KM Home Buyers’ team will work with you to make the move easy. We buy houses on the spot, with a no-obligation cash offer. This allows people to downsize into a smaller space at a lower cost than using traditional methods with real estate agents.

Along with the cost of selling your home, finding a new home needs to be considered. Look at your lifestyle, how much space do you need? This will help to narrow down the size of the home you are looking for. Then think about the area where you want to live. Is it costlier to find a smaller home in your area or look elsewhere?

A big part of downsizing is reducing clutter before moving into the small space. Think about all of the stuff that you have accumulated; do you need it all? When moving, make sure to go through every single box and think about whether or not you need everything.

Following the one-year rule is a good way to get rid of items that pile up easily like clothes, so If you have not worn it within the last year then you should get rid of it. The goal here is to get rid of any clutter so that you can use your new space accordingly.

Do I need to repair or update my house when downsizing?

So, you are ready to downsize, but do you need to prepare your home? This therefore, can be a hidden financial cost when you are looking to downsize. If you have lived in your home for a long time, there is a good chance that it is out of date and needs some improvement.

However, it can be costly to update a home and make reparations. You would need to hire help to prepare your home. With KM Home Buyers, we help cut down the costs for you. If your house is outdated or needs a lot of repairs, we’ll still buy it. We buy houses, with cash, no matter the state they are in. This not only makes the move quicker for you but costlier as well.

What are the benefits of downsizing?

There are many benefits to downsizing your home. There are a lot of different financial benefits such as:

Pay off loans quicker with a cheaper home

Boost your retirement fund- with the extra money each month you can put that more towards your savings.

Lower utility bills- with a smaller space, you don’t need to spend as much on heating and cooling.

More functional living- small spaces can give you a chance to organize your home more thoughtfully.

Minimized stress- you don’t need to spend as much time cleaning your home.

The financial gain of downsizing is a great benefit that also frees up time for you to do more things that you enjoy instead of spending time on cleaning your home. Although downsizing may seem impossible, as long as you stick to a plan and be effective, the payoff will be long-lasting.

The KM Home Buyers team will work with you to help you get through the downsizing process. We want to make the process as stress-free as possible for you so you can get on to living your life in your new space.