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 ownsizing to a smaller house isn't only for empty nesters and retirees. With home prices on the rise and layoffs still common, many homeowners are looking for ways to cut expenses and get by with less space.
As you probably have become accustomed to living in your current home with all the space it has to offer, downsizing does have its advantages. The obvious advantage is you will be spending less money on your mortgage, which means less money going out and more money in the bank to pay other bills and enjoy activities that you may have missed out on while living in your current home. Also, you will have less home to maintain. This means less time spent cleaning and caring for your home, as well as lower utility costs. Another advantage is that a smaller space can bring your family together by forcing you to spend more time with your loved ones. If you really set down and think about it, do you really actually use all of the space that you currently have?
 e've done some research for you and have put together some articles below that we feel will help with your decision to downsize. Also, be sure to check out our Buyers Resource area and our Finance Information area for additional articles and tools. I think you'll find that downsizing has some great advantages and when you're ready to move forward, give me a call or email me. I'm confident that the perfect home, albeit smaller, is waiting for you.
 
 
The Pros and Cons of Condos
Condominiums and townhouse offer an affordable option to single-family homes in most areas. But consider these facts before you buy.
Storage - Some condos have storage lockers, but usually there are no attics or basements to hold extra belongs.
Outdoor space - Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you hate yard work, this may be a perfect option for you.
Amenities - Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.
Maintenance - Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you're not home.
Security - Many condos have keyed entries and or even doormen. Plus, you'll be closer to other people in case of an emergency.
Reserve funds and association fees - Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees agreed to by the condo board, whether or not you're interested in the amenity.
Resale - The ease of selling your unit is more dependent on what else is for sale in your building, since units are usually fairly similar. Single-family homes are usually more individual, so even if there are others for sale in your area, they probably won't be exactly like yours.
Freedom - Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.
Proximity - You're much closer to your neighbors in a condo or town home. Look at the profile of other owners to be sure you'll be comfortable. If possible, try to meet your closest prospective neighbors.
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Organizing Your New Space
When downsizing, it's important to avoid cluttering up your new home with too much stuff. So, as soon as you've made a final decision on where you're going, carefully measure every room in your new home. Go beyond the basics, and make sure you include anything that protrudes, including radiators and windows. You don't want to inadvertently place your bookcase in front of a window and then have to shuffle around all your furniture on moving day. Once you have the precise measurements in hand, invest in a cheap computer program, such as Home Design Quick and Easy, or a pad of graph paper and a bunch of pencils. Carefully plot out which pieces of furniture will go in each room. Don't be overly optimistic about what will fit in a room -- if your floor plan shows that only a sofa and two chairs will fit in a room, let it go at that. Leave at least two feet of space around each piece of furniture.
What to toss
Big items such as furniture aren't the only culprits when it comes to clutter. The rule-of-thumb is if you haven't used something in a year, pitch it. And while big items take up lots of room, odds and ends also add up, hogging space. Many people have a hard time parting with collections such as books, figurines, records/DVDs or other objects. Paperwork is high on the toss list. It's amazing what people save. Consult your tax adviser to see which tax returns and records you must keep and get rid of everything else. Many empty nesters continue to store their kids' stuff for years after they have moved out. It's recommended to call your kids, give them a date by which they have to get their stuff out and toss everything by that date except a few precious items. Don't succumb to the temptation of leasing a storage unit for stuff that won't fit in your new home unless you plan on moving again to a bigger house in the near future. Cut the cord and just get rid of it.
How to get of rid of it
Garage sales are a great way to get rid of unneeded items. Whatever doesn't sell in the garage sale, consider donating those items to charity. In some areas, Goodwill and the Salvation Army will come and pick up donated items, but in other areas you have to get the items to their location. Think outside the traditional charity outlets. Families who lose their homes in a fire and recent immigrants are in desperate need of furniture and household items in just about any condition. Check with the Red Cross, churches and other local agencies for tips. If you have a lot of nice furniture and larger items that have value, consider holding a home auction. In many large cities you can hire a service that will catalog your furniture and other stuff, help you value it appropriately and conduct the auction on your behalf for a flat fee or percentage of the profits. Also check with your garbage company. Some companies allow you to put out items to be picked up with your regular garbage. Some cities have special cleanup dates when residents can place large items on the curb for pickup. As a last resort, you could just put furniture out on the curb in the hope that someone scavenging will pick it up.
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Making Do With Less
Once you move into your home, how do you adjust to having less space? One way is to use items for more than one purpose. For example, you can use a trunk as a coffee table, placing items such as extra sheets, towels or blankets in it to save room in your closets.
If you had a large family but now are feeding only yourself and your spouse, you can eliminate or cut down on extra serving dishes, pots and pans and even whole sets of dishes, especially if you won't be entertaining much.
You can also use rooms for more than one purpose. You may be able to squeeze a small computer desk in the corner of a bedroom or the dining room. Instead of a freestanding washer and dryer, consider a stackable unit that will take up less space.
The hardest part of having less space is having family members on top of each other all the time. This may seem uncomfortable at first, but usually will bring families closer as they learn how to live together in their new "smaller" space.
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Your Property Wish List
When touring homes you will find that there are many beautiful homes on the market. There are two things you must do before looking at homes.
1. Find out from your lender how much you qualify to spend on your home. It is very easy to become excited about features found in homes out of your price range. Before you get your heart set on that big, tree-shaded colonial on the hill, you need to pin down your financial details.
2. Complete this list below. Please take a moment to decide what features are "Requirements" and which features are "Extras". There are many different features in homes that range from necessary to luxury. It is easy to get caught up in the excitement of a beautiful home loaded with amenities. It is important that you select a home that truly meets all or most of your requirements first and foremost.
As you tour homes, check back to this list to make sure the home meets your requirements. The extras should only come into play when you make your final decision between homes that meet your requirements.
What neighborhoods do you prefer?
What school systems do you prefer?
How close do you need to be to:
(a) public transportation
(b) schools
(c) airport
(d) expressways
(e) shopping
(f) other
What architectural style(s) of homes do you prefer?
Do you want a one-story or a two-story house?
How old a home would you consider?
How much repair or renovation would you be willing to do?
Do you have special facilities or needs that your home must meet?
Do you require a fenced yard or other amenities for your pets?
Prioritize each of these items below into: Must Have Would Prefer
Yard (size )
Garage (size )
Patio/Deck
Pool
Bedrooms (number )
Bathrooms (number )
Family Room
Formal Living Room
Formal Dining Room
Eat-in Kitchen
Laundry Room
Basement
Attic
Fireplace
Spa in Bath
Vaulted Ceilings
Walk-in Closets
Air Conditioning
Carpet
Hardwood Floors
View
Shade
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