When circumstances in our lives change, our homes may reflect that. Whether you are retiring, your children are moving out, or are looking for something simpler, many homeowners opt for downsizing. All the extra space of your larger home is more to manage and can be costing you more. When your life circumstances support it, many people sell their homes to purchase something smaller in order to save money and have less space to manage. Today, let’s talk some more about what downsizing your home can look like and what you may need to do to be successful.&nbsp;Rocket Mortgage points out several benefits of downsizing your home. They say the two categories are practical and financial. These benefits include: paying mortgages or other debts, reducing monthly bills (like hydro, heat, municipal taxes, etc.), and to reduce the strain of maintenance including the pain of housework or yardwork.&nbsp;When you downsize your home, you are also downsizing your home related expenses are responsibilities. Morison Insurance explains how downsizing can provide insurance benefits. They say that insurance costs can decrease because you have less to insure in terms of the space your property takes up and your possessions inside your home. Also, your property tax is based on square footage of your property. When you downsize, you’re going to have less square footage and thus will be paying less. Your utility bills will decrease because it costs less to heat up or cool a smaller space as it requires less energy. And of course, mortgage payments for smaller homes or smaller property types are going to be lower than your larger home.&nbsp;People downsize for a number of reasons. Maybe you’re elderly and cannot mow your lawn, make it up and down the stairs, shovel and salt your driveway, surfaces are hard to reach to use or clean, your accessibility needs have changed and maybe you need a space that is wheelchair accessible, or other aspects of your property pose a safety risk. While many people may be able to hire someone to shovel their driveway, mow their lawn, clean their home, or renovate to improve accessibility features, these services cost money and can at times be cost prohibitive. Perhaps you have a disability or illness that requires permanent care and it makes more sense to move into an assisted living facility. Also, downsizing can look different for everyone. Maybe you’re selling your home and purchasing another smaller home, like a condo, townhouse, or bungalow. Maybe you’re looking to rent a property. Maybe you’re moving into a retirement home. Regardless, the general idea and motives are the same: to save money and to avoid excessive maintenance burdens.&nbsp;Along with downsizing your home comes the necessary decluttering process. While you may have had the wall space in your old home for a bookshelf that is home to thousands of books, for example, your new condo may not be as suitable for such a collection.&nbsp;Your current home is going to be able to accommodate a larger volume of collectibles than your new downsized home, so getting rid of things you can live without is going to be necessary. It’s wise to consider whether you have duplicates, whether you can live comfortably without these items, and whether they’re replaceable in the event you change your mind.&nbsp;Not only will you reduce the number of possessions you need to fit into your new space, but after you sell, donate, or gift these items, there will be less for you to worry about on moving day.&nbsp;

Homeowner’s Guide to Downsizing

Thinking about downsizing your home? Discover practical and financial benefits, plus tips to declutter and simplify your next move.

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