There are different reasons for wanting to move to a smaller house, such as the following:
- Your kids have moved out, and the empty nest is too big for you and your spouse.
- You’re older now and the house is more difficult to maintain.
- The house is too expensive to maintain.
- You would like to have a smaller carbon footprint.
- You want to make money off the sale of your large house.
- Your new job or business pays less than the ones before.
- Your new job is too far from your large house.
Whatever your reason for wanting to move to a smaller house, there are some things you should think about and take seriously before you look for a smaller land for sale in Melbourne, says industry professional Modeina.com.au.
Furniture and other belongings
A smaller house has less space for all the furniture and appliances you’re moving. The giant cabinets will eat up most of the already limited space and make your new house look cramped. Suddenly you have to spend more instead of less, as you have to replace all the things that won’t fit. The answer may lie in a garage sale. To offset some of the costs of moving, sell the old belongings that you can’t take with you.
HOA fees and rules
Moving to an attached home like a condo or townhouse? Read the HOAs carefully. What if the fees cost more in the long term than you were supposed to save after moving to a smaller home? What if you can’t live with the strict rules and the new idea of sharing common areas like the pool?
Cost of living
Look at the area you’re moving to and determine if the cost of living there is reasonable: land prices, building prices, commute, cost of goods, etc. You’re supposed to make some money off the sale of your large house, not lose more.
Downsizing is a smart move if the reasons for doing so outweigh the opposite. Make sure you’ve covered everything to avoid regretting your decision in the end.