The Pros and Cons of Downsizing

Downsizing your home

Downsizing Your Home in New Orleans

There’s been quite a trend for people to opt for smaller homes lately. But, before you put that big house on the market, it’s important to consider both the pros and cons of downsizing your home.

Pros of Downsizing

Money Savings

The cost of heating and cooling, property taxes, and insurance can be significantly lower in a smaller place. Of course, taxes are dependent on the cost of your new place, so don’t expect a lower bill if you buy in a pricey neighborhood.

Less Maintenance

If you opt for a condo, maintenance will be significantly reduced. Think of all of the time you spend landscaping, painting, cleaning gutters, cutting the grass.

More leisure time

If you’re not spending your weekends working on that honey-do list, you’ll have time to have more fun. Travel, play tourist in your own city, work on your hobbies. Those are all better options than caulking windows.

Cons of Downsizing

Emotional costs

Moving is a tough emotional time, especially if you’ve lived in a home for years. You’ll need to prep yourself to let it all go before you see that for sale sign planted in the front yard.

Selling costs

When you’re determining the funds you’ll have from the sale of that long time home, don’t forget to factor in the cost of REALTOR® commissions, closing costs, and moving costs. Your agent can help you determine if the costs of downsizing outweigh the benefits.

Your stuff will need to be downsized too

Less living space also means less stuff. Furniture. Art. Knick knacks. You’ll have to part with things that have been part of your life for some time, whether you enjoy dusting them or not.

Less space

Are you the designated crash spot for out of town visitors? They might have to find a new landing pad for Jazz Fest and Mardi Gras. Will you be OK with that?

Have questions about selling your home? Call us today at 504-327-5303 and we’ll be happy to provide answers. 

 

New Orleans Homes Under 1,000 Square Feet