Is your home starting to feel too big? Maybe there's a room you haven't been in for a few weeks? A bathroom with a waterline on the bowl because it hasn't been flushed for a while? Homes serve a purpose, and it's essential to understand that purpose can change over time. The needs of a family of five change drastically when the kids move out. And it might be time to start thinking about reevaluating what you need in a home. 

Why would someone consider downsizing?

This certainly isn't a complete list, but some of the most common considerations.

Retirement: Part of retirement is enjoying your newly found free time. For some, this is tending to a garden, traveling, starting a new hobby... it doesn't matter; it's your retirement; do with it what you may. The house that served your family might not serve that purpose now. 

Empty Nest: Our house serves as a central hub when raising our families. A place to sit down for dinner, a place to have family over, and a place for the kid's friends to come over and play. As the family starts to make their mark on their own home, the need for space gets smaller. Some options have shared common areas that allow you to enjoy hosting large gatherings without the headache of tending to ample space. 

Stairs: We give very little thought to stairs in the early part of our lives; as the rust starts to form on our joints, stairs seem less appealing. Suddenly going upstairs to your bedroom is a task and not something you look forward to. Bungalows are a common choice for downsizing because of the convenience of the living space being on one level. 

Lifestyle Change: Is it time to start shaking things up a bit? Maybe the next chapter of your life will look different, and you need a home that better suits that narrative. Condos are a fantastic option for families who want to travel more and spend less time managing a home.  

Is downsizing starting to sound right?

There are plenty of options available. 

Rightsizing: Quite simply finding a home that might better suit your needs. Most big families come from a 4+ bedroom home, but most rooms start to become havens for clutter and an easy option to just close the door and forget about. Why would parents now need 3+ bathrooms for just the two of them? By recalculating your needs, you will probably find that a 2 Bedroom, 2 Bath might better suit you. Allowing you less time spent upkeeping the home and more time enjoying it. This is an excellent option for those who want the pride of homeownership but would appreciate less work on the house. 

Multi-generation homes: For some families, this is an incredible option. More and more homes are being built with a live-in suite in the basement. A perfect opportunity for grandparents who don't want the responsibility of managing a whole house but are falling in love with their new role as grandparents. 

Retirement Communities: These are increasing and are an incredible option for the social butterflies. Being surrounded by a whole new group of friends who are like-minded and enjoy similar activities can be an excellent option for many. 

Time to pull the trigger on downsizing? Great, get in touch with a realtor. Start looking at what options will fit your newly minted goals. Be honest with them. Remember, a realtor works for you and wants to get you the best home possible. If your new goal is to golf twice a week, let's look for a home near your course. Is the plan to downsize and travel more? Let's find a home with minimal upkeep. The most significant consideration is to be honest with your realtor and yourselves. Your realtor can help you dial in those expectations. 

What to do next?

Declutter: Time to start looking at all the stuff you've acquired. Some of it might truly bring you joy, and some might just be collecting dust. It is much less stressful to start this process sooner than later, and no need to clean everything out at the eleventh hour. By taking the time early to go through your possessions, you might find items your family would find sentimental and cherish to have in their home. 

Make a want and needs list: This is probably one of the most critical steps during any real estate transaction. A clear list will help you stay on track toward your real estate goals. Share this with your realtor, and revise it often. As you look at homes, you might feel a need is now a want or vice-versa. It is perfectly acceptable to make changes, and it's expected. 

Stop Acquiring: Shopping can be a lot of fun, and when we start to get excited about a new home, we can't help but think of what we're going to put in it. Wait until you're at the house. No need to buy a new couch just to find out it doesn't fit in the living room. Once your offer has been accepted, you can start daydreaming about how you will turn this house into your new home. 

Find out what your home is worth: Talk to your realtor, and they will be able to show you what similar homes in the area are selling for. This is an essential factor when making a solid plan to downsize. When downsizing, it is common to have some extra cash in your pocket as, more often than not, the value of your new home will be less than that of your old. 

Talk to a lender: Although possible, it isn't common to have a condition of sale on an offer for a new home. Banks and other lenders offer great products to help you bridge that period between possession of your new home and selling your old home. 

Many people looking to downsize haven't bought a home in 30+ years. That's ok. It's not your job to knock it out of the park. That's the job of your realtor. It can certainly be overwhelming, but we're here to help. Your role is to get excited about the next chapter in your life.

If you have questions about how to downsize, please reach out. I would love to help you.