Homeowners may have any number of reasons to downsize to a smaller home. Whether it's to save money or because the household has shrunk in size, purchasing a new, smaller home can be a wonderful decision for home buyers. This checklist can help future homeowners think about what they will need in a new home, and how they can meet their home-buying needs.
List Reasons for Downsizing
Everyone has a different reason they want to downsize their living arrangements, and all are valid choices. When buyers are honest with themselves about the reasons they want to buy a smaller home, they can make selecting the right property that much easier. People may be looking for:
- Less space to clean or maintain
- Exterior property maintenance services
- Greater accessibility
- Proximity to work, shopping, and entertainment
These preferences may affect the kinds of homes buyers will ultimately want to buy.
Identify Home Needs
The trick to finding the perfect property is to take the list of reasons buyers want to downsize, compare it to a list of home aspects buyers want, and figure out which homes will fit the bill. Someone who wants plenty of peace and quiet but low maintenance may prefer to choose a single-family home with a smaller size. A buyer who loves to get to know their neighbours and wants to live close to the action might be happier buying in a condo or multiplex. People should take note of their needs, including the size of the home and the number of bedrooms and bathrooms. Then, they can eliminate anything that does not suit the information on both lists.
Select the Right Time
People who are downsizing typically need to sell one home in order to buy another. This can sometimes call for a delicate dance of planning, so that they can use at least a portion of the proceeds from the first home to buy the second. Buyers should consult a real estate agent to find out the best time to sell a home in their current neighbourhood. It often falls in the spring or summer, but some regions follow different patterns. People may want to start the selling process somewhat in advance of buying a home so that they can avoid the stress of worrying about the sale going through.
Search for Homes
Depending on the area, there might be a lot of homes available, or only a few. Buyers should give themselves plenty of time to search, but be ready to act when necessary. Gauging the strength of the market will help buyers determine how quickly they need to make a choice. No one wants to find a beautiful home that perfectly fits their downsizing plans, only to make an offer too late. Having a good idea of what buyers expect in any given home will help cut down on the search and make decision-making faster.
Buy for the Future
In some cases, people can pay for a new home in cash after selling their current home. This is a boon for buyers, but they should still make sure they get a good investment. A home that is smaller or in a multifamily unit will often cost less than a larger property. Buyers may want to scope out the neighbourhood and ask their agent how the area is appreciating. That way, they can have a higher degree of certainty that their investment will pay off, should they decide to sell at a later date.
Figuring out how to downsize takes some careful consideration. By using these tips during their Abasands home search, buyers can protect their interests and ensure that they get what they really want out of the transaction.