Reducing the size of your home has many advantages, from freeing up capital to reducing maintenance and utility costs. But downsizing can be a risky process if you don't know what you're doing. To help you learn how to reduce the size of your home efficiently and live clutter-free, we've put together more than 10 tips on how to reduce the size of your home, plus specific tips for older people looking to downsize and maintain a tidy lifestyle after moving. Start as soon as possible and keep up your pace.
A general rule of thumb is that you'll want to start at least 3 months before you plan to move, but honestly, the sooner the better. Be very picky about new purchases to avoid clutter. Some people live by the rule that if something new enters their home, something else must disappear. This will help to minimize clutter and prevent you from spending unnecessarily.
If you're really undecided about a purchase or have bad spending habits, give yourself a 48-hour reflection period to see if you really need the item or if you've just been caught up in the thrill of an impulse purchase.First of all, if you've been in your current home for a while, it's likely that its value has increased and that you're close to paying off your mortgage, if you haven't paid it in full. Buying a smaller, cheaper property will give you a lot of leftover capital, to use for whatever you want. It also means that you can buy your new home as a cash buyer, giving you more options, a faster chain and the ability to live without mortgages. Reducing to a smaller home means less maintenance, lower bills and more time to do the things you love.It's an exercise to save money and time.
If you're going to reduce your staff in the future, it means you can choose a property that better meets your needs as you age. Rather than having to deal with stairs, limited accessibility, or a huge garden that requires maintenance, you can choose a property that works for you. After all, the time and money you used to spend on cleaning and maintenance can now be spent on fun things. That's why some people see downsizing as a step forward, not a step backwards.A simple idea to reduce the size of your home is to eliminate duplicate items.
Get rid of excess plates, wall art, baskets and bins, and other unnecessary multiples to focus on the items you really need. Since you'll have less space, choose your favorites and donate, sell or throw away the rest.Unless you have the money to buy your new home directly, the reduction in staff may not be worth it financially. Mortgage rates have risen by more than 2.5 percentage points since the beginning of the year, and financing a home purchase is now significantly more expensive than it was a few months ago.Victoria Araj is a section editor at Rocket Mortgage and held positions in mortgage banking, public relations and more during her more than 15 years with the company. He has a bachelor's degree in journalism with an emphasis in political science from Michigan State University and a master's degree in public administration from the University of Michigan.
Tips for Downsizing Your Home
1.Measure Your New SpaceWhen looking for a new home, make sure it meets your physical and emotional needs, as well as your financial needs.
Just because you can find a bargain doesn't mean the house is worth it. After all, if you're going to make the effort to move, you have to do it right.
2.Focus on One Room at a TimeTo achieve that happy outcome of downsizing your home efficiently and living clutter-free, avoid unexpected difficulties by following these tips: focus on one room at a time; be very picky about new purchases; eliminate duplicate items; measure your new space; consider your new lifestyle; know where good-quality homes are; be aware of rising mortgage rates; and plan ahead.
3.Be Very Picky About New PurchasesBe very picky about new purchases to avoid clutter.
4.Eliminate Duplicate ItemsA simple idea to reduce the size of your home is to eliminate duplicate items.
5.Consider Your New LifestyleWhen looking for a new home, make sure it meets your physical and emotional needs as well as your financial needs.
6.Know Where Good-Quality Homes AreYour realtor should know where the smaller good-quality homes are located so they can help guide your search.
7.Be Aware of Rising Mortgage RatesUnless you have the money to buy your new home directly, reducing staff may not be worth it financially due to rising mortgage rates.
8.Plan AheadPlan ahead when downsizing so that everything goes smoothly when moving day arrives.
Downsizing your home, while daunting at first glance, can be an incredibly rewarding experience when done right.
With these tips in mind – from starting early enough so that there's no rush or stress involved in packing up all of your belongings – downsizing can be an incredibly liberating experience.