Downsizing Your Home: Should You Really buy Something Smaller?

If you’re like many people, you feel like your current home is a bit too big for your needs – but should you really downsize right now? Here are five questions to ask yourself before you decide to buy a smaller house for sale in Knoxville.

Downsizing Your Home: Should You Really buy Something Smaller?

There are plenty of great reasons to downsize your home – and if you’re truly ready to do so, go for it. We can show you any listing in Knoxville!

However, before you decide to take the leap, ask yourself:

Does it make financial sense to buy a smaller home right now?
Where will I put all my “stuff”?
Would a condo be a better choice, or should I buy a house?
What kind of floor plan will work for me?
Am I really ready to downsize?

Here’s a closer look at each.

#1. Does it make financial sense to buy a smaller home right now?

Buying a smaller home doesn’t always mean you save money. With the market the way it is right now, it may cost you more to buy a smaller home than it would to stay put – and that includes your property taxes, utilities, and maintenance and repairs. If you move to a new place, you may also have to pay additional homeowners’ association or condo association dues.

#2. Where will I put all my “stuff”?

Moving to a smaller home means finding new homes for your “excess” belongings. Your sofa, entertainment center and bedroom set may not fit in your new home, and you could end up feeling pretty cramped after moving in. Make a plan for what happens to all your belongings when you decide to downsize, which might include holding a yard sale, making a lot of donations or storing items until you figure out what to do with them.

#3. Would a condo be a better choice, or should I buy a house?

In many cases, buying a condo makes sense – but you may still prefer the freedom that owning a house offers. When you live in a condo, you own the space between the walls and that’s it; in a house, the exterior is yours, too. But your responsibility shifts, too; in a condo, you’re not responsible for fixing the roof or maintaining common areas, whereas you are responsible for those things in a house.

#4. What kind of floor plan will work for me?

Downsizing your home means making use of all the available space, which means the floor plan in your new home needs to be optimized for your life. As you tour smaller homes, make sure there’s enough storage space, good walking paths (envision your own furniture in the home to make that determination) and enough space for you to do all the things you do in your current home.

#5. Am I really ready to downsize?

After you start looking at smaller homes, you’ll get a good sense of whether you’re really ready to downsize your living situation. You may notice that bedrooms are smaller, storage space is at a premium, and that the kitchen and bathrooms are a bit of a tighter fit. If you feel comfortable with what you’re seeing, there’s a good chance that you’re really ready to downsize your home.

Are You Buying a Home in Knoxville?

If you’re ready to buy a home in Knoxville, I’ll help you find one that’s perfect for your needs. Call me at 865-368-5150 now and let’s talk.

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Downsizing Your Home: Should You Really buy Something Smaller?