Whether the kids have all moved out or you’re just looking for a smaller place to maintain, there are many reasons Southern Maryland homeowners could be considering downsizing. Before making any major decisions concerning your home, it’s always smart to weigh your options and decide exactly what it is you hope to achieve. Here are some questions to ask yourself for a little more clarity before making a decision:

How Much of Your Home Are You Using?

The idea of downsizing might be an appealing one, but if you’re using all your closet space and have things stored under your guest bed, it’s important to consider how much space you’re going to realistically need. Just because your children’s rooms may not be currently inhabited, that doesn’t mean you aren’t using them for another purpose. Conversely, if you’ve cleared out those rooms or haven’t utilized your dining room for some time, you might find that there is a significant amount of space that you don’t really need.

Are You Prepared to Let Some of Your Things Go?

Often, downsizing will require parting with some of your possessions. It’s a physical process to go through your things and decide what to donate and what to throw away, but it’s also an emotional one. Before you make the decision to downsize, assess your belongings and see which you’d be prepared to part with. If owning less or having less clutter is a priority, that might make letting go of some things easier. If you find that you’re not willing to let go of much, downsizing might not be the best option.

What’s Your Plan for the Future?

It’s impossible to accurately forecast what the future holds, but it is worth thinking about your 5 (or 10) year plan. Does a smaller home fit into those plans? And how much smaller should it be? Will you still need a guest bedroom, for instance? Thinking about how a smaller home will work in your life going forward will help you find the right fit.

What Are Your Options?

Downsizing is a broad concept, so you need to understand what that’s going to look like for you. Even if you’re not ready to make a move yet, familiarizing yourself with what’s on the market is a wise next step. It will help you get a sense of prices, sizes, etc. Many homeowners are looking to downsize for financial purposes, and it’s important to get a sense of whether or not the current market will support that.

 

With a little advance planning and research, you’ll be able to find out if downsizing is a sensible step for you.
If you’d like to talk more about downsizing your home, or if you’re convinced you need to make a move and you’d like to get preapproved for a mortgage or need a recommendation for a sharp, local Realtor, please get in touch. I’m always happy to help.