Downsizing: 6 Things to Consider for Your Next Home Chapter
Where can you go? What do I need to do before I can move? How long does it take to sell? What can I expect for my costs? The Gubb Team breaks it all down.
The Gubb Team helps many clients who have enjoyed their current homes over the years – but as their nest begins to empty… they seek a more maintainable space. As we age, our needs and wants in a home change. Some people find themselves in the position of needing to downsize, whether it be due to an empty nest, retirement, or relocation. Downsizing can be a daunting task, but it can also be an exciting opportunity to find a home that better suits your current lifestyle.
Our process first involves a timely sale of your current home while actively finding that new dream home.
If you’re considering downsizing, there are 6 key steps and considerations to keep in mind.
Do Some Research
- Want to stay local? Is buying or renting the best next step for you? Research local opportunities for buying a smaller space that works AND renting in a local community. Here are some rental facilities to consider:
- The Benjamin, 1 Franklin Avenue, Ridgewood NJ
- The Dayton, 150 S. Broad Street, Ridgewood NJ
- The Kentshire, 187 Paterson Ave, Midland Park NJ
- NoMa, 48 North Maple Ave, Ridgewood NJ
- Waldwick Station, 41 W. Prospect Street, Waldwick NJ
- (There are many others – we can help guide you to the right facility for you)
- Considering leaving New Jersey once you sell? Investigate local options for numerous hosting events that will expose you to different locations, price points, and amenities.
- Here is one to attend in February in Stamford, CT: You know it’s the right time to move but you don’t know where to go. If you’re considering relocating, retiring, or finding a vacation home, ideal-LIVING is here to help. Whether you are just starting your search or narrowing your choices, the ideal-LIVING Real Estate Show is the perfect event for you.
- Ideal-LIVING Real Estate Show
What Lifestyle Needs Do I Have?
- What kind of home will best suit your evolving lifestyle? Are you looking for a home with a smaller yard that’s easier to maintain? Do you want a single-story ranch or a first-floor primary suite? Or are you looking for a home that’s closer to amenities such as shopping, restaurants, and hospitals?
Where do I want to be?
- If you’re looking to retire or relocate, you may want to consider a home in a retirement community or in a location that’s closer to family and friends. If you’re looking outside of New Jersey, consider attending the Ideal Living Expo, where they can point you to a place that’s close to your favorite activities such as hiking, skiing, or swimming.
What are my desired home features
- Once you’ve considered your lifestyle and location, it’s time to think about the features you’re looking for in a home. Many downsizers opt for single-level homes with fewer bedrooms and bathrooms. These homes are often easier to navigate and maintain, and they can also be more energy-efficient.
- In addition to single-level homes, many downsizers also opt for homes with open floor plans. These homes often have large living spaces that are great for entertaining and can also make the home feel more spacious.
- Downsizing can save you money in the long run, but it’s important to make sure that you’re not overspending on your new home. Don’t forget to budget for small repairs in your current home before selling, storing, and moving. Be sure to consider the cost of property taxes, utilities, and home insurance to make sure that you’re comfortable with the overall cost of your new home.
- To see how much your current home is worth: Click on our Custom Home Valuation Tool
- The Gubb Team can walk you through an anticipated timeline – factor in the sale of your current home to both the timing and the budget. You might need to make time for small repairs, organizing possessions, and making a move. Above all – we can make a plan that works for YOUR schedule.
- See more about our selling process here to get a better feel for a realistic timeline.