11 Steps to Downsizing Your House

Suddenly, a place that was perfect for you a decade or two ago might feel cavernous. If you're starting to dream about trading in your rambling old house for a smaller cottage or new condo, here are the steps you’ll have to take.

1. Consider your finances

• How much your home is worth
• Where you want to buy or rent
  • HOAs
  • New taxes if you leave your area
• Mortgage rates
• Your credit scores

2. Think about space

• Visit smaller homes at open houses
• Walk through IKEA showrooms
• Record square footage and your impressions of space
• Don’t forget lot size

3. Could you change enough to stay?

• Remodeling and staying put might be an option
• Convert one floor to a unit and rent it
• Widen the stairs
• Update the bathroom
• Talk to contractors and scope a budget to see if this is realistic

4. Decide where to go

• In the same area, but closer to some amenities or people?
• Different neighborhood?
• Different city?
• Different state?
• Different country?

5. Factor in cost-of-living changes

• Groceries and gas
• Utilities
• Parking
• Public transportation
• Entertainment

6. Find a place to land

• Familiarize yourself with a typical house
• Get specific measurements for your new place

7. Replace or shed furniture

• Consider size, function, daily usage
• Eliminate duplicate items
• Think about what you can replace
• Take measurements of what you buy so you’re sure it will fit

8. Getting rid of excess baggage

• Books
• Decorations
• Clothes
• Kitchenware
• Appliances

9. Understand your storage options

• Will you have a storage closet?
• Or a garage?
• A basement?
• An attic?
• Should you rent a storage unit?
  • Be careful with this option
  • If you don’t have a plan to deal with it, get rid of it

10. Organize, organize, organize

• Your finances
• Your giveaways or sales of your things
• Your donations
• Your move-out

11. Make the move

• You may be seized with second thoughts
• Make a list of the things you don’t like about your about-to-be downsized lifestyle and house
  • Refer to it throughout the process