In the real estate world, bigger isn’t always better, especially if you are looking to live more simply and to live very comfortably within your means. Downsizing a home is attractive to people of all walks and stages in life today, it is so attractive in fact, that HGTV has made a few different shows about it. There are many reasons people choose to downsize including shrinking their expenses, living a simpler lifestyle with more time to do what they want, reducing upkeep and maintenance, starting a new adventure, and moving closer to family.What You Should Know Before You Downsize Your Home

Downsizing has become so popular that the average size of single-family homes is decreasing. This is great news for anyone looking to downsize for any reason. Demand Institute says that 37 percent of baby boomers are looking to move to a new home and 54 percent of them are looking to downsize.

If you are looking to downsize your home for any reason here are some things that are good to know.


The Costs

Moving to a smaller home seems like a no-brainer decision to save more money. There are some hidden costs to downsizing however that many people don’t realize. Smaller homes do mean smaller price tags, but capital gains tax on the profit of your home sale can reduce your savings if you are subject to paying them.

Read More: Easy tips for Buying and Selling Simultaneously


Other downsizing costs to consider include:

Read More: 6 of the Best Remodeling Projects that Add Value to Your Home


Downsizing your house to save money sounds very appealing, but change can be difficult. These changes can be especially hard if there are a lot of memories or comforts attached to your previous home. You might miss certain aspects about your larger home that you love such as: the space to entertain, storage just steps away in the basement or garage, an open room to host overnight guests, a kitchen to make a feast in, etc.

Going back to the HOA scenario, you could be used to being king of the castle in your previous home. Changing to living in a well-kept community where a larger entity has to sign off on any improvements you make can be difficult. This is especially true of condo type communities.

Pro Tip: “Before doing anything, make a list of your must-haves and think about the future. Will you want this home in 5 years, 10 years? Will you have this house beyond retirement?” – Orlando Home Buyer Eve Alexander

Think of Possible Future Life Circumstances

Moving into a smaller home to save money is a great idea, but don’t look for the smallest house that is livable to save money. Think about any future life circumstances that might pop up like adult kids moving back home or the need to take in an aging parent. Maybe you want to have space for friend’s or family, or grandkids to visit. All good things to think about before purchasing a one-room condo or 500 square foot bungalow.

Related: What you should know about “Right-sizing” (Finding the right size home for you)

Come live a simpler life in Sunset Beach. We can help you find a Sunset Beach home just for you.