How To Downsize Your Home

How To Downsize Your Home

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Moving from a bigger property to a smaller one can have many benefits, but it can also have many disadvantages. If you’re taking the bold step to downsize, here are some important factors to consider.

Why downsize?

Downsizing is generally a financial decision. If you can no longer afford the bills or rent/mortgage of your current home, going to a smaller property is the most sensible option. Some people who aren’t financially struggling may temporarily downsize so that they can save up for a deposit for a bigger and better place. Meanwhile, some people may be moving location – which forces them to downsize in order to afford the increased rates (for example, moving from the country to a city to pursue a job).

If you’re family has recently shrunk, if a loved one has passed away or if you’ve recently split up with a partner, downsizing can also be a practical option. You know longer need all that space and there may be sad memories there that are causing you to live in the past. In these cases, downsizing could give you a fresh start and allow you to live more comfortably.

Find a property that meets your needs

Going from a bigger house to a smaller one can have all kinds of difficulties. Whilst you may not be able to afford previous costs, it’s important to find somewhere that still meets your needs. If you’re getting older, moving from a house to a flat that’s not on the ground floor could have accessibility issues. If you’re thinking of starting a family or have a baby, this child may need a room of their own, so whilst it may be cheaper to get a one-bed, moving to a less expensive location to buy a two-bed might be more practical.

The biggest obstacles however is what to do with all your possessions…

Dealing with possessions

Fitting all the belongings from your previously larger property to a smaller property can be stressful. If the move is due to a relationship split or divorce, it may be worth hiring a family lawyer to help divide the possessions. If the move is purely for financial reasons, then you may have to consider how to deal with the excess furniture and items.

Prioritize what you really need – beds, sofas and wardrobes should be measured so that you can find another property that can still feet these important belongings in. Work out the large possessions you really don’t need. Is there a treadmill gathering dust in the corner? Does anyone ever use that spare chair in the corner of the room?

Sell or donate these excess items. You may be able to hold a yard sale outside your home before you move if your local council permits it. Consider attending auctions or selling at flea markets. If you really can’t part with any of your possessions, renting out a storage container may be an option, although this will cost you extra money. Storage containers can sometimes be a great temporary option whilst you decide how to deal with certain items, useful if you’ve just been through a bereavement. Remember that there may be family and friends out there that could require some of these possessions, especially those moving out of home for the first time.

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