Have You Thought of Downsizing Your Current Living Situation?
Downsizing is a word we think of when we think of old retirees whose kids have left and the house is too big for the two of them. We also think of downsizing when one of the spouses has passed away and now the other spouse needs to move to a smaller place or assisted living. But with today’s job losses, out of control pricing for homes and everything else, downsizing is the smart thing to do to lower your monthly costs in a big way. You may lose the pool you love, the 3 car garage you think you need for storage and may have to let go of a lot of possessions to be comfortable in smaller rooms. If you enjoy gardening, this could be a plus or negative for you.
The advantages of downsizing are: First, your monthly mortgage is less, your utility bills will most likely be less, you will get a chance to meet neighbors on the same level as you, and the smaller quarters may bring your family closer together and spend more time together in one room for entertaining. You will have less space to clean and keep clean, less yard space to mow, less “stuff” to maintain and replace and less space in your closet for unnecessary items.
If you considering a condo or townhouse instead of another single family home, first ask yourself is you are prepared to be understanding of other’s living habits with noise, smoking, parties etc. Always choose an end unit or a top floor unit to cut down on some of this shared living. You will also pay automatically each month for the maintenance fees that you used to do or hire out yourself, like the lawn, changing light bulbs, exterior painting etc. This could be a plus if you like to pay upfront and not have to worry about putting money aside for future repairs. Keep in mind that fees do rise to cover rising costs as they would otherwise as well.
Once you have decided on a smaller space, you will want to measure each room and plan where your furniture will go and what you will have to sell or give away. If you are not ready to give certain things away like special collections, you may want to rent a small storage space for say 6 months and see if you can live without these items. Also rely on family members to come get their “stuff” that they left behind and let them store their own things or get rid of them. Have a garage sale, post ads online, flyers, newspapers, donate items to charity for a tax deduction, give prized possessions to family members for their safe keeping instead of them getting these items when you pass away.
Reexamine your lifestyle and see what items you no longer even use. If you don’t entertain much anymore, repurposing the dining room and getting rid of your furniture for that room would be an easy transition. Also allowing furniture and rooms for double duty, like having a good looking trunk that also will hold blankets; if your armoire no longer fits in your bedroom, move it to a “living” area and use it for room décor as well as storage. Putting an armoire by the front door allows for storage of frequently used items that usually get tossed on a table and never get put away. Plan for shelves as wall displays instead of pictures for more usable space and don’t put anything in your closets until you have put in closet organizers to make the best use of that interior room space. If you don’t even cook much anymore, do you really need 2 sets of dishes, pots and pans and 3 roasting pans? Do you really need a full-size washer and dryer? Could you use that extra space by getting a stackable unit and putting in a computer table or a bookcase?
Write down all the positive ways you are going to benefit from downsizing and look forward to having more time, energy and money to do other things with your life.