In the 2017 science fiction comedy “Downsizing,” a financially struggling married couple, played by Matt Damon and Kristen Wiig, signs up for a process called “downsizing,” where they are shrunk down to around 5 inches (13 cm), drastically reducing their cost of living by needing much less space. When Damon’s character wakes up from the process, he discovers that his wife backed out at the last minute over fears of being permanently miniature.
Downsizing in the real world has nothing to do with shrinking yourself, but it is still a significant and life-altering decision that most people will eventually encounter. Like Wiig’s character, many are apprehensive about making such a substantial life shift.
It is essential to have a solid strategy when planning to move out of the house where you possibly raised your family and created lasting memories. Here are ten tips to consider when you are seriously contemplating downsizing:
- Consider Your Goals for the Next Phase of Your Life
Downsizing and moving out of a long-term home is a major step. Reflect on your reasons for moving and determine the living space that suits your lifestyle. Major considerations might include reducing expenses, minimizing housecleaning and upkeep, needing less space after children have moved out, or seeking a new community. If you have a partner, involve them in all crucial decision-making. - Identify Your Needs in a New Home
There are many options when downsizing. A condo offers low maintenance (no need to mow the lawn or shovel the driveway), several possible amenities (gym, pool, community events), and various safety features. Alternatively, consider a bungalow, duplex, or smaller house. - Consider All Costs Associated with Selling a Home
Budget for expenses related to selling your home and moving. If real estate agents are involved in the sale, you must pay a 3% to 7% commission on the selling price, shared by the broker and buyer’s agent. Additionally, you may incur legal fees, land transfer fees, and possibly a penalty for breaking your mortgage. Moving and storage fees should also be considered. - Renovate and Upgrade Your House
To stand out from the competition when selling your house, consider upgrading the bathroom or kitchen or making necessary repairs, especially if you’ve lived in your home for decades. - Declutter and Organize Your House
Long-term residency often leads to accumulating many possessions. Assess each item by categorizing them into keeping, donating, selling, and discarding. Be honest about what you can live without and need in your new residence. Start sorting at least 12 months before the move. You would be surprised how much you have collected over the years. - Take Photos for Sentimental Items
Not all sentimental items will fit in your new home. Take photographs to cherish the memories while giving the items to another loved one. - Go Digital
Use digital storage to save space. Manage bills, medical records, and tax information online, and save photos, family recipes, and home videos to secure storage sites like iCloud or OneDrive. - Maximize Storage Space
In your new place, buy furniture with storage options such as beds with drawers, nesting tables, and ottomans. Invest in shelves to save space and hold many possessions. - Be Kind to Yourself
Leaving a home filled with rich memories and parting with sentimental possessions is emotionally exhausting. Allow yourself time to reminisce and reflect on happy memories. - Involve Family Members
Invite family members to help you organize and sort through everything. They can provide emotional support and share in the memories.
Downsizing is a huge life step and involves a lot of work moving to a new place. However, my partners and I have some interesting options for you to consider. Our project The Residence of Bronte Lakeside is 190 unit six-storey in the heart of Bronte Village of Oakville On. It is your last chance to combine units to create a suite that will meet your space needs. Another option is our project The Brantwood. The Brantwood offer the ulitimate in luxury and space. This two-storey nine unit condo is steps from the internationally acclaimed downtown Oakville. The Brantwood is not only boast high quality finishes and appliances, unit sizes start at 1900 sq. feet. This boutique condo is a downsizers dream. However, we have already sold four of the nine units so you are going to need to act quickly.