Is It Time To Downsize? Part II

Dated: May 30 2023

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We talked about decluttering in Part I.   In Part II we are talking about assessing your current home and thinking about your needs in your next home..  Here are four things to consider:

  • Space: 

Assess how much space you're currently living in and whether it's necessary. When you first bought your house, you were raising your family.  You needed bedrooms and bathrooms for them; a family room, a living room, a dining room, basement, attic, a yard, maybe a pool.  Do you still need all those rooms, that space? Think about the rooms and space you need to live comfortably.

  • Storage: 

You’ve gone through your stuff and sold, donated, or thrown out everything you don’t use or need anymore. Consider how much storage you need going forward.  Is the limited storage space in a smaller house enough?  Do you need to do another round of decluttering or do you need to consider a larger smaller home?

  • Mobility: 

Are you starting to slow down?  Knees and hips hurt?  Tired of going up and down stairs?  Think about the options for a new home:  A ranch gives you all your living space and bedrooms on one level, no more stairs!!  A bi-level puts all your bedrooms and main living space on one floor, with only one set of stairs.  A colonial with the owner’s bedroom on the main floor, puts your bedroom and living space on the main floor, and any guest bedrooms up stairs.  That limits the number of trips you make up and down the steps on any given day.   

  • Maintenance: 

Think about the maintenance needs of your current home, including upkeep costs, yard work, cleaning, and repairs. Smaller homes usually require less maintenance than larger homes, which could be a deciding factor in downsizing.  Planned communities with an HOA typically provide outdoor maintenance (lawn and snow), perhaps that’s for you. Condominiums, Townhomes and Co-Ops also offer homes with little to no outdoor maintenance, but less space than a single family home.   

  • Cost: Lastly, think about the cost of downsizing, including the cost of potential renovations, moving costs, and the cost of living in a smaller home. Consider consulting with a financial advisor to determine if downsizing would be a financially beneficial move for you.

Going step by step will help you make the best decision for you and your family.

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Carole Conaghan

Morris, Monmouth and Ocean counties are great places to live and work, which is why my family chose to call them home throughout my life! With roots in Bayonne, NJ, we came to Morris county in 1964 a....

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