Downsizing Your Utah Home

Downsizing Your Home
How To Downsize When Moving?

People struggling to upkeep their homes and the related costs in it consider downsizing to a smaller home. Downsizing your home could be an opportunity to save money and the equity freed up from the sale of your home. It may be though to some to say goodbye to the home they used to live downsizing feels like a weight lifted off your shoulders. Over the course of your lifetime, the amount of square footage you need can change, your budget can increase or decrease, and your preferred location might change. If you start asking yourself “Should I downsize my home“? or you want to know about how to downsize moving, we’re here to help you get all that answered.

In this article, we will talk about the benefits of downsizing and the options you have. If you’re thinking of downsizing it is best to know what steps you should take. Divorce, relocating, or losing a loved one might be the possible reason why you want to downsize but there are several factors you have to consider that will be discussed as we go along.

How to downsize when moving

1.       Start early – It is best to reset your mindset and adjust the way you think about your current house and your lifestyle as soon as you decide to downsize your home soon. Start packing and organizing your stuff. Prepare yourself, your availability, and your valuable home for the process of downsizing. If you started early the fast the process is. It didn’t take a week to collect all your possessions, so it is only natural that it will take longer than a week to go through them.

2.       Make an inventory of what you have – taking inventory of everything that you have is a crucial pre-packing step. This will give you an idea of how many boxes you will need, whether you need to rent a truck or hire removal service workers. In addition, you would know how much time you would need to give yourself for the packing process.

3.       Sort and Declutter – You have to stay organized and focused, and come up with categories to sort everything into. Collate all items and the furniture that you are going to keep, use, donate, or get rid of example clothes, appliances, etc it is optional. Once all packed it would be easy for you to move out. If clutter stresses you out, downsizing can be the perfect solution.

Should I downsize my home?

  Downsizing your home means lower upkeep, lower bills, and other costs associated with your home. You can save time both time and money if you choose to downsize. Here are some of the reasons why people choose to downsize;

• Declutter and make money – Eliminate furniture and other stuff that you no longer use. It can make extra cash from sales if you choose to sell it. Only keep necessities and items you use daily. Get rid of outdated items that cannot return a profit or donate items to a nonprofit or pass them along to neighbors, families, or friends. Local charities usually accept clothing, shoes, and other household items that are in good condition.
• Save on upfront and mortgage costs – If you decide to downsize your home or buy a property with less square footage you’ll potentially spend less than you would buying a home with large square footage. You will get to save on both the actual price and on the mortgage-related costs like down payment and closing costs since they are based on the percentage of the sale price.
• Reduce utility expenses – The major savings that come with downsizing your home is the cost of the utility bills. The smaller the home the less money you would need to spend heating them because heat will be much contained in a smaller space.
• Spending less money on home maintenance – Home maintenance I inevitable. You may need to replace the roof, appliance, flooring, and others to maintain your home which is very costly. Downsizing your home makes it easier to reduce regular maintenance and cleaning if needed which reduces cost.
• Preparation for retirement – If you haven’t saved enough cash over the years it may be best to consider downsizing your home. Reaching your retirement goal might require reducing your expenses. The biggest financial benefit of downsizing your home is that it provides you with more capital in investing in marketable business securities for retirement.
• Let you pay off your house or loans faster – You will have the option to accelerate your mortgage and pay it off sooner. It works best if you’re older and want to get rid of a house payment before retirement. If you’re a millennial looking to be mortgage free in the next 15-20 years consider downsizing into a smaller home with a lower mortgage payment. You might need to set aside money to complete repairs on your current house before selling it.
• Use proceeds to buy a new home – If you’re moving into a smaller home with a lower price tag and still paying a mortgage downsizing can help you pay off your previous one. Big homes usually come with big repair bills and monthly payments. You need to know how to downsize when moving for a smooth transition.