The Art of Downsizing

Home house downsizing

What are the Benefits of Downsizing?

As we grow older, our needs and priorities change. For many homeowners, this means considering downsizing to a smaller home. While the thought of moving can be daunting, downsizing can offer many benefits, particularly in the Portland Westside area.  So here are some of the issues to consider: 

Lower costs 

One of the most significant benefits of downsizing is the potential for lower costs. Smaller homes typically come with lower mortgage payments, property taxes, and utility bills, which can free up more of your budget for other expenses or savings. Additionally, by downsizing, you may be able to sell your current home for a profit, providing you with extra funds to invest or use for other purposes.

Less maintenance
 A smaller home often means less maintenance and upkeep. This can be particularly beneficial for older homeowners who may have trouble keeping up with larger properties. By downsizing, you may also be able to reduce the time and money you spend on cleaning, landscaping, and repairs, allowing you to enjoy more of your free time and all of the local benefits that the Portland Westside has to offer.
Increased Accessibility

Downsizing can also provide increased accessibility for those with mobility issues. Smaller homes typically have fewer stairs and more accessible layouts, making it easier to navigate and reducing the risk of accidents. Additionally, by moving to a more walkable area, you may be able to reduce your reliance on a car and enjoy more physical activity.

How Do I Downsize?

 The following is a list of steps that can help you plan your transition to a downsized home: 

  • Determine your needs
  • Get rid of the stuff you don’t need
  • Work with the right agent
  • Consider your financial options
  • Prepare your current property

If you’re considering downsizing in the Portland Westside area, here are some steps to take to make the process as smooth as possible:

Determine your needs

Before you start looking for a new home, it’s important to determine your needs and priorities. Consider factors such as your budget, desired location, size, and layout of your new home. This will help you narrow down your search and focus on properties that meet your specific requirements. For example, are you looking to own another home, move to an apartment or move to a 55+ senior community?

Get rid of the stuff you don’t need
Before you start your search for a new home, take a look at what you’ve got and figure out what you can do without. If you haven’t used something in the past six months, chances are you don’t need it. So, let’s get cracking! Sell it, donate it, or give it to your cousin who always wants your stuff.
Work with the right agent
To find the perfect downsized abode, you need an agent who will listen, and will take the time to understand your needs. The right agent can help you navigate the local real estate market, provide insights on potential properties, and negotiate on your behalf. Additionally, they can help you determine the optimal time to sell your current property and can provide guidance on pricing and staging your home to appeal to buyers. They will often have a team of resources available, who can advise you on related issues such as the best type of financing and interest rates
Consider Your Financing Options
If you’re planning to purchase a smaller home, it’s important to consider your financing options. This may include selling your current home first to free up funds, using savings, or exploring loan options such as a reverse mortgage or bridge loan. A financial advisor can help you determine the best approach for your specific situation.
Prepare Your Current Property
To maximize your home’s value and appeal to potential buyers, it’s important to prepare your property for sale. This may include decluttering, deep cleaning, making necessary repairs, and staging your home to showcase its best features. Again your agent can advise you on resources to help you with this should you wish to not do it all yourself.

If you are thinking of downsizing and you would like some help looking at the options, as well as ideas and advice on where to look in the Portland Westside area, please reach out and we will be glad to help.

Jen Samaha

Jen Samaha

I’m a Real Estate agent with a passion and curiosity for discovering more and more about the different neighborhoods on the Portland Westside. I can help you buy or sell your next home and I'll support you with experience and integrity.

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