If you’ve been living in your house for awhile and the kids have grown up and moved away, it might be time to think about moving into a more practical house. This type of move is often referred to as ‘downsizing,” but for many, it’s actually more about “right-sizing.” After 15-20 years living in the same house, many people find that their priorities have changed, and something a little different would suit them better.
Downsizing or “rightsizing” can have some surprising perks. Here are the three biggest benefits my clients see after making the move.
#1 A New Home is Easier to Manage
For many people, downsizing isn’t about getting a smaller space, it’s about getting a space that’s easier to care for and get around in. It’s about finding somewhere that you can age in place. This could mean moving from a multi-level home to a single story to eliminate the stress of the stairs, or it could mean moving from a house with a yard to a townhouse with a nice patio instead.
A growing list of impending home repairs is one of the biggest triggers that prompts a move after living in a house for several years. At a certain point, it becomes easier and more cost efficient to move into a newer home that’s unlikely to need any major repairs in the next 5-10 years. A newer home also provides the opportunity to get a layout that makes sense for lifestyle today. What worked 15 years ago might not be the best arrangement now.
Finding a newer home with amenities more aligned with your lifestyle and priorities will alleviate stress and free up time that would have been spent on cumbersome maintenance projects and yard work. Sometimes, easier really is better!
#2 Socializing and Family Time is Easier
Moving closer to kids and grandkids can be an immensely rewarding reason to relocate out of town or out of state. In fact, this is one of the most common reasons that our clients tell us about they are relocating to Spokane.
But grandkids aren’t the only reason downsizers move to improve their social life. We frequently see people who have been living in rural or suburban neighborhoods moving closer to city centers, where they can walk to restaurants, coffee shops, bookstores, and volunteer at the local community gardens. Boomers who associate with the “active grandparent” lifestyle will find plenty to do in the new Kendall Yards district, with shopping, dining, and art in walking distance.
On the other hand, many retirees are looking to buy a peaceful plot of land and settle into retirement. In many cases, this is a “right-sizing” situation – I often help newly retired couples build their dream home on acreage just outside of town. While it might not be smaller, new builds generally come with lower maintenance burdens and cater to your exact specifications. Hello, forever home.
Living in a lower maintenance home, closer to friends, family, food, and activities makes socializing and family time much easier!
#3 Your Money Can Go a Lot Further
The economic impact of downsizing can be huge, even for people moving in a house of similar square footage. For people moving out of older homes into newer ones, there is often a significant savings in repairs, maintenance, lawn care, and electrical/heating/gas costs. Simply put, the cost of operating your house could be much lower.
Another economic benefit comes from the sale and purchase itself. I typically see that people who have lived in their homes for several years have a significant amount of equity built up. For many, purchasing a new home isn’t contingent upon the sale of their existing home, which means they have more buying power and can sell their existing home on their own terms. And those who do actually downsize into a smaller home may walk away from their new home purchase ahead of the game.
The great thing about reducing costs and lowering the economic burden of the home is that those extra funds can now be used to visit with friends, spoil grandchildren, or simply pad the savings account.
How Do I Buy a New House While Selling This One?
Starting the process of buying a new house while selling your current home can be daunting, but it doesn’t have to be difficult. To learn more about how to buy while selling, please contact us directly.
Carrie Meyer is a full service realtor who specializes in relocation purchases, investment properties, and new build transactions with acreage. A Spokane transplant herself, Carrie understands the challenges and benefits inherent in moving to a new city.