Making the decision to downsize your home is never an easy one. Some people are motivated by the potential savings, others want to be closer to family or just need less space in their home. Covid-19 has a lot of people considering downsizing their home as they’ve had time to reflect on what’s now important to them in their lives. Maybe you’re one of those people. No matter the reasons, there is a lot of opportunity to downsize in Denver and the surroundings areas. Before you get started looking at homes, check out the 5 items to consider when thinking about downsizing.
5 Items to Consider
The number of people in your home. Before you make on offer on that 1 bedroom/1 bathroom condo think about how many people you will be expecting to live with you. Whether it’s just you and your spouse or potentially a grown child, grand child or even a parent. You’ll want to think about who may be living in your home in the next 3-5 years so you can ensure that you have space for everyone. You’ll also want to consider how much space you will need in your home. Will you be needing a home office? Maybe you’ll want a spare bedroom for all of your visitors.
Your Financial Goals. For many homeowners considering downsizing Denver, potential savings are a large motivation. A decreased mortgage payment can help support future financial goals. However, it’s important to keep an eye on any increased costs that could come from downsizing. For example, you could have HOA fees from a smaller condo that you would need to factor in to any potential savings.
Storage Needs. It’s time to do an inventory of your storage needs. Are your closets and basement full? Do you have a storage unit? Downsizing usually comes with less storage space so now is the time to review what you’re keeping in order to accurately assess how much storage space you will need in your smaller home. Go through those boxes you’ve not opened in years and consider how much of these items you’ll need. If you’ve not opened some of these boxes in years, it may be time to give some items away.
Local Amenities. What is important to you about the area you live in? Do you want to be close to family or do you want to be surrounded by a vibrant nightlife? Is walkability of your neighborhood important to you? How close do you want to be to your grocery store? Now is the time to consider what other perks you might want in a new home? A condo could come with a community pool or gym along with other amenities. Think about what’s important to you when downsizing Denver and what you’d like your future home to look like.
Your Timing. If you’re thinking about downsizing Denver, then you need to start preparing now. A few weeks may seem like enough time to go through all of your belongings and find a new home, but if you have the time we’d recommend you start your planning six months out. This will allow you to reduce the stress involved in moving as you’ll have plenty of time to account for all of those items on your to-do list.
If you’re considering downsizing soon, we can help. Contact us today so we can start discussing your real estate needs. We can help review your needs, find the neighborhood that works for you, and help connect you with local vendors to assist with the move. You can rest assured that you’ll be in good hands during this important stage in your life.