What Does It Take to Downsize Your Home?

After years of houses growing larger and larger to accommodate our stuff, the average home is beginning to shrink. According to the NAHB, the average home size shrank to 2,582 square feet, with many first-time buyers helping to drive the trend. There are a number of reasons why smaller homes are growing in popularity.

Smaller houses are more affordable and energy-efficient, and for many homeowners, the benefits go beyond cost, particularly for seniors who require less space and want to minimize the need for upkeep. If you’ve been contemplating a downsize, the Villa Rose Senior Living Community offers some insight to help you decide if this trend is a good fit for your circumstances.

Benefits of Smaller Homes

Smaller houses require much less upkeep than oversized homes. Even if you don’t use a guest bedroom or spare bathroom frequently, it still requires regular cleaning. That makes a smaller home an attractive option for busy professionals and parents with child rearing tasks to keep up with. Since everything is within reach in smaller homes, they also offer great appeal to seniors and people with disabilities.

And while a big home might have a decked-out family room, it also has so much space that everyone can be home without interacting. While privacy has its place, lower square footage means more opportunities for togetherness.

To Keep or Sell Your Home?

Of course, money is still an important consideration for most households. Selling an oversized house and buying a comparable smaller home is an excellent way to put money into your pocket when funds are tight. If you’ve recently taken a lower-paying job, reduced your household to a single income, or gained medical debt, selling a large home to buy a smaller one can help balance the budget.

Or you can turn your old home into a rental property for passive income — a popular option for empty nesters and retirees. If you’re thinking of turning your current home into a rental home to increase your income, focus on questions to figure out if a rental is the way to go. Also bear in mind if you become a landlord, you will need to register as a business with the state, either as a sole proprietorship or an LLC. The latter is ideal thanks to the personal asset protection it offers. Fortunately, this can be quickly accomplished in about five steps when you do it online.

Preparing to Sell Your Home

No matter your motivation for downsizing, you have a big task ahead of you. Before you can make the switch to a smaller home, you have to get your house ready to sell and scale back your belongings, so they fit in the new space. This process can take months, so it’s important to start as soon as selling hits your to-do list.

First, take care of big repair projects like patching the roof or fixing faulty wiring. Basically, anything that would be flagged during an inspection should be repaired. Once repairs are complete, it’s time to address cosmetic issues. This could be repainting walls in a muted hue, refreshing the entryway, refinishing cabinets and modernizing lighting fixtures.

Consider your lawn and garden too. You want to maximize curb appeal, so focus on pruning bushes, cutting back vines and cleaning up your yard. Depending on your yard space, it may be wise to work with a lawncare service, which can help make your yard more attractive to buyers. Be sure to find reliable contractors with top ratings. A trustworthy pro can also help you  come up with the ideal curb appeal plan based on your needs and your budget.

Paring Down

In the final weeks before listing, switch your focus to decluttering. Decluttering not only ensures your stuff fits in your new house, it also improves your home’s appearance for real estate photographs and showings. Nourishing Minimalism has some sage advice for paring down the small items that fill your home.

For big things like furniture, minimize the number of items in each room and get rid of furniture that serves little purpose other than storage, such as curio cabinets, bookcases and side tables. If you need extra storage in the new house, opt for furniture that pulls double-duty.

For seniors who plan to move into a smaller home or independent living community, it’s important to have a clear idea of how much space you’ll have available. This ensures you don’t take large pieces of furniture that won’t overwhelm a smaller space.

Starting Your Search

Once your current home is listed, it’s time to start searching for your new home. Determine how much square footage you actually need, and consider neighborhoods where houses are smaller. Just be sure to carefully assess a neighborhood before you move. Low crime, good schools, proximity to public transportation and shopping, and access to reliable internet should all be considerations.

Alternatively, if you’re looking for an independent living community, check out Villa Rose Senior Living Community. We offer private apartments and provide additional services to make residents feel more comfortable. This includes three meals a day, activities and entertainment, and 24/7 emergency services. When the time comes, we also offer access to home health aides.

At some point, a larger home becomes too difficult to keep up. If you need less space and fewer responsibilities, consider downsizing into a smaller home, condo or independent living community.