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Is Downsizing in Chicago Right For You?

Mar 9, 2021 | Industry News

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Whether your children have all moved out or you’re simply looking for a smaller place to maintain, there are many reasons Chicago homeowners might consider downsizing. Before making a major decision about your home, it’s always wise to weigh your options and determine what it is you’re hoping to achieve. Here are some important questions homeowners can ask themselves to get a bit more clarity.

How much of your home is going underutilized?

The idea of downsizing might sound nice, but if you’re using all your closets and have things stored under your guest bed, it’s important to realistically consider how much space you need. Just because your children’s rooms may not have kids living in them doesn’t mean you aren’t using them for other purposes. On the flip side, if you’ve emptied out those rooms or haven’t used your dining room in years, you might find that there is a significant amount of space that you’re not taking advantage of and don’t really need.

Are you prepared to let things go?

Downsizing usually requires parting with some possessions, even if you feel that you’re not using up all your storage in your current home. Though it seems like a physical process of going through things and donating them or through them away, for many people, it’s an emotional process as well. It’s worth checking in and deciding if you’re prepared to part with some things. If owning less or having less clutter is a priority, that might make letting go of some things easier.

What’s your vision for the future?

While we never know what the future holds, it’s worth thinking about your plans for the next five to ten years. Does a smaller home fit with those plans? And how much smaller? Is it important to you to still have a guest bedroom, for example? Thinking about how a smaller home would work in your day-to-day life is key to landing in a home that’s the right fit.

What are your options?

Downsizing is a general concept, but it’s important to know what this would look like in reality for you. Even if you’re not ready to dive into purchasing something, getting acquainted with what’s on the market is a smart step. It can help you get a sense of what size you’re looking for and what the cost is. Many homeowners are looking to downsize for financial purposes, and it’s important to get a sense of whether or not the current market is right for that.

 

Have you downsized recently? Is it something you’ve considered? What are your biggest concerns or challenges? I’d love to hear your thoughts!

 
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