Before you start packing, take a moment to plan wisely. These five common downsizing mistakes can turn a fresh start into a frustrating mess.
1. Downsizing Without a Game Plan. Here’s Why That’s a Costly Mistake.
Before downsizing, define your reasons for downsizing and what you want to achieve (e.g., lower expenses, be closer to family, or live in a smaller, more manageable space). Develop a plan, including researching potential new homes, setting a budget, and figuring out how you'll handle your belongings, moving costs.
2. This Common Mistake Could Leave You With Buyer’s Remorse
Don't go too small if you need space for hobbies or guests, but also don't choose a home that's too large and will be hard to maintain. Consider your lifestyle and future needs when choosing your new home. Map out where your remaining future will go and how much space it will take.
3. Think Downsizing Will Save You Money? Not If You Miss These Expenses
Downsizing involves costs beyond just the move. Factor in selling costs (commissions, closing fees, etc.), buying costs, and potential renovations, moving costs, storage costs.
4. Waiting Too Long: Start Sooner, Stress Less: Why Timing Is Everything in Downsizing
Downsizing takes time, so don't wait until the last minute. Allow yourself ample time to declutter, sort belongings, and find a new home
5. Still Holding On? Why It’s Time to Say Goodbye to Stuff
Downsizing involves letting go of possessions. Be prepared to part with things you no longer need or use. Consider donating, selling, or discarding items.
