Lifestyle changes can be wrenching, especially if it’s a radical change which took you 40 years to make. But selling your home can also be a liberating, rewarding experience.
Of course, it’s not always easy to take the step. For one thing, you never know what the future holds and whether you will change your mind at some point. So how do you decide if the time is right for you to downsize? What are the pitfalls to watch out for when downsizing? What are the advantages and disadvantages of San Diego downsizing?
What are the pros and cons of downsizing?
- Increased cash flow: Not only can you make money from downsizing to a smaller home, but also from decluttering and selling the items you no longer need or have the space for, whether separately or in bulk. You may even have the option to get a tax write-off if you decide to donate some of the items.
- Moving into a neighborhood that is right up your alley: Although location matters, smaller homes are typically less expensive, which means a fancy neighborhood just became considerably more affordable. Plus, you can finally find some peace and quiet and escape the hustle and bustle of your street in Mission Hills and bid farewell to the constant noise.
- Lower costs and less upkeep: It goes without saying that you’ll make profit from trading a large home for a smaller one. But you will also save money in the long run by spending significantly less on utilities. And let’s not forget the easier-to-manage house cleaning and maintenance, which is another perk in and of itself.
- More time and less stress: These two are interconnected. Namely, a smaller home comes with fewer responsibilities and less of a burden to carry, so you will have more free time on your hands and less stress in your life.
- Decluttering and purging can be stressful: It’s true that the end results of decluttering are worth it, in that you’ll only be left with the things you actually use and need and which can fit comfortably into your new home, but it’s also true that the process of going through all your stuff and deciding which to get rid of can be downright exhausting. To say that the process can be time-consuming would be a gross understatement: it could take weeks.
- Less space: Having less space takes some getting used to, even if you are currently not even using the extra space you have. It will take you a while to master the skills of a savvy shopper who makes mindful purchases instead of buying on an impulse. Of course, it all depends on how much you plan to downsize. Less space may also mean less privacy, which can be tricky if you have a large family. While this is technically an obvious disadvantage, it can also be perceived as an advantage: less space means less upkeep and lower costs.
- Moving can be expensive and exhausting: Although downsizing will save you money down the line, moving alone can come with a hefty price tag, whether you decide to hire packers and movers or do it all by yourself. Putting your home on the market does not come free of charge either, as there are real estate agent commissions and other fees you will need to pay. But eventually, all of these costs will be offset if and when the transaction is successful.
How do you decide whether to downsize?
If you want to make sure whether to proceed with the real estate transaction you are currently considering, reevaluate what’s most important to you. Downsizing and moving into a smaller house or condo can be a smart move from the financial point of view. Managing a smaller household is not only easier, but also less stressful, less taxing and less time-consuming. Taking this step could enable you to make a more rational use of your resources.
Full-service San Diego downsizing made simple
Chances are you’ll be taken aback by the sheer simplicity of your new way of life. You will realize that your home should be tailored to you and your needs and wishes, not the other way around. So many of us are slaves to our homes. We are here to help you take a step toward a new, more rewarding way of life. Contact our senior real estate specialist Nick Alameddin today!