{"id":20433,"date":"2023-01-19T09:00:11","date_gmt":"2023-01-19T14:00:11","guid":{"rendered":"https:\/\/www.cubesmart.com\/blog\/?p=20433"},"modified":"2024-01-09T15:16:20","modified_gmt":"2024-01-09T20:16:20","slug":"downsizing-your-home-pros-cons-and-your-next-steps","status":"publish","type":"post","link":"https:\/\/www.cubesmart.com\/blog\/your-life\/downsizing-your-home-pros-cons-and-your-next-steps\/","title":{"rendered":"Downsizing Your Home: Pros, Cons, and Your Next Steps"},"content":{"rendered":"\n
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Is downsizing right for you?
Free Image via Unsplash<\/a><\/figcaption><\/figure>\n\n\n\n

If you\u2019re considering the pros\nand cons of downsizing your home, you\u2019re in\ngood company. Though the housing market has cooled off a bit, retirees, empty\nnesters, and even some families are still letting go of their large homes \u2013 and\ntheir large bills \u2013 in droves. And with good reason. Inflation has skyrocketed\nthe cost of living, including what we pay for utilities and home maintenance.\nThe housing crisis has also made large single-family homes somewhat antiquated,\nespecially for those concerned about the environmental impact of living in too much\nspace. And more retirees are tapping into home equity sooner than expected to\nshore up their retirement income or help their grown children or grandchildren.\nWhatever the reason, downsizing is clearly a\ntrend on the rise.<\/p>\n\n\n\n

As popular as downsizing may be across the world, actually\ndeciding whether to stay in, downsize, or sell your\nhome is oftentimes difficult. The financial, emotional, and physical impacts of\nretiring and downsizing can be tremendous\nand present unforeseen challenges. Not to mention what a bear selling a house\ncan be, no matter what the market is doing. But there are many, many positives\nto downsizing your home as well! Keep\nscrolling for our downsizing pros and cons\nand a checklist to determine the next steps on your downsizing\njourney.    <\/p>\n\n\n\n

Downsizing Your Home Pros and Cons<\/strong><\/h2>\n\n\n\n
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Weigh your options before deciding to downsize.
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Weighing the benefits and\ndrawbacks of downsizing your home can seem\noverwhelming at first. Read through our list to help you get in the right frame\nof mind to take on a decision of this size.<\/p>\n\n\n\n

Downsizing Your Home Pros<\/strong><\/h3>\n\n\n\n
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  1. Frees up the equity in your home for other purposes, like travel, nursing care, or expenses related to your children or grandchildren.<\/li>\n\n\n\n
  2. Allows you to buy a smaller, cheaper home with cash and only a small or non-existent mortgage.<\/li>\n\n\n\n
  3. Allows you to live in a home and\/or environment suited for aging and retiring.<\/li>\n\n\n\n
  4. Gives you time, space, and flexibility for other pursuits and hobbies.<\/li>\n\n\n\n
  5. Saves money via a downsized or non-existent mortgage, smaller utility bills, smaller tax bills, and even smaller furniture.<\/li>\n<\/ol>\n\n\n\n
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    Think about your life goals – Do they align with downsizing?
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    Downsizing Your Home Cons<\/strong><\/h3>\n\n\n\n
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    1. Distances you from communities and neighborhoods with which you have longstanding connections.<\/li>\n\n\n\n
    2. Racks up costs involved with selling, moving, and buying new furniture (not to mention capital gains taxes in some cases).<\/li>\n\n\n\n
    3. Takes a fair amount of time to sell, donate, or store your furniture<\/a>, tools, and keepsakes. <\/li>\n\n\n\n
    4. Removes possibility of grown children or grandchildren moving back in.<\/li>\n\n\n\n
    5. Causes emotional distress in some people due to the scope of the change. <\/li>\n<\/ol>\n\n\n\n

      It may be helpful to use our pros\nand cons list as a jumping off point when deciding whether to stay in, downsize or sell your home. Cross out the ones\nthat don\u2019t apply and add your own. If you\u2019re stuck, think about the advantages,\nchallenges, and risks of each option. It may also be useful to consider the\nimpact that downsizing your home will not only have on you but on others in\nyour life. <\/p>\n\n\n\n

      Once you\u2019re done with your pros\nand cons list, keep reading for our downsizing checklist\nof next steps. It offers a good framework for moving forward whether you decide\ndownsizing your home is the best choice for\nyou or not.    <\/p>\n\n\n\n

      Downsizing Checklist <\/strong><\/h2>\n\n\n\n

      There are a number of steps you can take to determine whether or not downsizing your home is the right option for you at this time. The following checklist doesn\u2019t cover every aspect of this decision but can help you get organized for next steps.<\/p>\n\n\n\n

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      Start planning before you downsize.
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