How to Make the Most of Downsizing

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Having plenty of space in a home is a luxury. But what might be enough space for some may be too much for others.

While many buyers are trading up in the word of real estate, many others have reached the point where downsizing makes sense. Whether you’re an empty nester or are simply looking for something more affordable and less work to maintain, downsizing may be the right thing for you to do.

But before you start enjoying cheaper utility bills and less space to clean, having a specific plan in place before you start moving your stuff can help ensure the process is a smooth one. Here are some things you should consider to make the most of downsizing.

Figure Out Your Lifestyle Needs

Before you buy a smaller place, consider a few things first. Figure out what type of lifestyle you’re going for that may be different than the one you’re leading now.

How much smaller should you go? What type of amenities do you want to have within close proximity? Would you prefer something with only one level? Are you open to condo living? Are you looking for a community with a certain age demographic?

The answers to these questions will help you figure out not only how much smaller you want to go, but also what factors will also play a role in helping you live the lifestyle you’re looking to lead.

Make a List of All Your Belongings

No matter what type of dwelling you’re moving to, it’s always important to take inventory of all of your belongings before you even call the moving company. Take the time well in advance of the big move to make note of all of your things and decide what you should keep and what you can toss.

This might seem like a pesky, overwhelming task, but it’s an important one that shouldn’t be skipped. Take your time with it, and go room by room so it doesn’t seem as though you’re taking inventory of the whole house at once, which can certainly be daunting.

While you’re taking inventory, be sure to make a distinction between your wants versus your needs. Quite often we assume that something is a necessity when it’s more of a luxury. And when you’re downsizing to a smaller place, having a distinct list of each can help you wean out things that are just taking up space when you actually don’t need or even use them. 

Sell/Donate/Trash Some of Your Things

After you’ve taken inventory of all of your stuff, decide what to do with them. During your list-taking task, consider placing items in specific columns, including things you should keep, donate, or throw out. Whatever you choose to keep, start boxing them up. Everything else should either be given away or tossed in the trash.

Consider having a yard sale to help you whittle down your belongings. Sell things on online classified sites or on garage sale apps. Whatever you don’t sell, consider donating it to the local charity. Anything that isn’t worth donating should be trashed. And the sooner you do this, the better, as it will help to clear the place out and making moving day much more streamlined.

Consider How Your Furniture Will Fit

The way your furniture may fit in your current home doesn’t necessarily mean that it will fit just as well in your new, smaller home. It’s quite possible that you might not have enough space to fit all of the furniture that you might want to keep. When downsizing, be sure to measure your furniture to see if it will fit well with the dimensions of your new home.

You certainly don’t want to be in a position to have made the effort to move your furniture, only to realize that it doesn’t fit in your new space. Measuring your furniture long before moving day will give you an idea of which pieces you’ll be able to take with you and which ones you might have to leave behind.

Choose Double-Duty Furniture

If you’ve decided that new furniture is the way to go after careful measuring, consider choosing pieces that can serve more than one function. For instance, consoles with shelving, coffee tables with storage space underneath, dressers as bedside tables, and shelving units as room dividers are only a handful of examples of pieces that serve more than one purpose.

If the place you’re moving into is particularly short on square footage, pieces like these can make the perfect choice to help you avoid taking up precious space while offering plenty of function.

Make Good Use of Storage Space

Once you’ve made it to your new place, be sure to make smart use of storage. This will help you keep as many of your precious belongings as you can from your old home. The following are great ways to house your things without having to take up so much space in your closets, attic, or shed:

  • Hanging shelves
  • Storage ottomans
  • Built-in shelving units
  • Drawers under beds
  • Garage shelving

Get creative with your storage space to help you neatly tuck your belongings away and avoiding clutter that typically comes with inadequate storage solutions.

The Bottom Line

Downsizing is a rather common phenomenon among people who no longer have use for so much space in their current homes. Rather than spending so much extra time, cleaning and maintaining larger homes and paying more in utility bills and property taxes, homeowners with no more use for extra space choose to downsize. If you fit into this category, consider keeping the above-mentioned tips in mind to help make your downsizing process a success.

Things to Consider Before Deciding on a Resale or Pre-Construction Condo

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Condos are great options for buyers who may be looking for something more affordable than traditional single-family homes. They’re also great for people who like the idea of less maintenance and more built-in amenities. Further, condos tend to be in close proximity to transportation and city centers, making the live-work-play environment an ideal one.

But when it comes to buying a condo, should you choose resale or pre-construction? The truth is, there are pros and cons to both, so you’d be well-advised to consider them all before deciding on one over the other.

Pros and Cons of Buying Pre-Construction

There are some obvious perks of buying brand new construction, but there are a few drawbacks as well.

PROS

Flexibility

With any pre-construction project, you’ll have the freedom to choose your finishes and sometimes even your layout. This will allow you to fully customize the look and functionality of the condo and appease your tastes in terms of decor and style.

Energy Efficiency

Obviously, new construction tends to be more energy efficient simply because of newer and more modern materials being used. If you buy a unit in an old building, you might not be awarded such benefits.

Everything’s New

Because all materials and finishes are new, the odds of something breaking down or requiring repair shortly after you move in are minimal.

Build Equity Through Appreciation

Many buyers purchase pre-construction condos in order to take advantage of appreciation. By the time they take possession, the odds of the unit being more valuable than what they paid for it are pretty good. As long as the market continues to be healthy, there’s a good chance that you can build instant equity this way.

CONS

Smaller Size

It seems that with each new development, developers tend to build units that are smaller and smaller in size. Condo developers are in the market to make money, so if they can increase their profits by reducing square footage, they’ll probably do just that.

Noise and Dust

If your condo happens to be the first phase of many, odds are you’ll have to live in a construction site until the entire development is complete. In the meantime, expect a lot of mess and noise.

Delayed Move-in Date

Like any other type of new development, there is always the chance of delays. Anything can happen, and it usually does, leaving condo purchasers waiting for their ultimate move-in day.

Development Charges

Developers tend to charge condo buyers a sizeable one-time development charge to cover the cost of new infrastructure. Developers have to pay the city for these fees, which they will then pass on to buyers.

Pros and Cons of Buying Resale

Resale condos also come with their own set of perks and drawbacks, including the following.

PROS

Move in Right Away

Rather than having to wait until the condo is complete, as is the case with pre-construction, your unit is ready for you to take, depending on the closing date agreed upon with the seller. There’s no risk of delays and having to wait around for development completion, which can be a real nuisance if you have to coordinate the sale of your current home. You won’t have to deal with such nuisances with resale.

Get a Feel For the Neighborhood

You’ll also be able to get to know the neighborhood and the people who live in the building, which is not something you’d get to do with pre-construction. Resale will allow you to get familiar with the amenities in the area as well, which can help you determine if the area and the building suit your lifestyle.

Units Are Larger

Generally speaking, older buildings tend to have larger units, as explained above. For the same price, you can have a much larger unit that affords you with more space to do with as you please. These days, condo developers are hesitant to build larger units with multiple bedrooms because of shortages in affordability. Why should they take that chance when they can make more money on a per-square-foot basis with smaller units?

CONS

Older Finishes and Materials

There’s something to be said about something that’s brand new. But with older condos comes older materials and finishes, which not only means that they may be more likely to be outdated, but they’ll also require more maintenance and repairs.

Little Flexibility

You won’t be able to customize your unit with a resale as you would be able to with pre-construction. While you might be able to make certain upgrades and changes (as long as you’ve been approved by the condo board), you won’t be able to make more in-depth changes that you could with pre-construction.

Potential to Dish Out For Repairs

If the building you buy in happens to be on the brink of requiring a new roof, newly paved parking lot, or anything else that requires replacement or repair, that money’s got to come from somewhere. If the building’s association is not managing money properly, you could be stuck with major condo fee hikes to cover these costs.

The Bottom Line

Both resale and pre-construction condos have their own set of advantages and disadvantages, and the one you choose should closely align with your lifestyle, tastes, and needs. Work with a seasoned real estate agent who can show you examples of both and go over some of the units available in the area you’re looking in before making your ultimate decision.