Home Mortgage Alliance Corporation (HMAC)

Downsizing your home without downsizing your life

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Published Date 9/12/2024

Ask any homebuilder about the challenge of designing floor plans and they will tell you that the smaller the footprint, the more complex it becomes. Finding function, flow, and space for all that fits into any homeowner’s life is exasperatingly difficult.

But downsizing is what many homeowners look to do — either to simplify their lives or decrease their financial footprint. But as many homeowners discover, the path to smaller living spaces can be fraught with unexpected challenges. From retirees seeking walkable neighborhoods to empty-nesters craving low-maintenance apartments, the itch to simplify comes in many forms.

The Wall Street Journal’s Antonia van der Meer offers some hard-earned lessons from those who've successfully navigated the downsizing process.

First, don't underestimate your need for space. Many downsizers find they've cut their living space too drastically, particularly when it comes to hosting capacity. Van der Meer cites the example of empty-nesters Deborah Berger and her husband, who moved from a 4,000-square-foot house to a 1,300-square-foot cottage, only to struggle when their grown sons briefly returned home during Covid. The lesson? Consider converting attics or basements into extra bedrooms to maintain flexibility.

Next, rethink your furniture. Interior designer Tami Ramsay advises that about 70% of furnishings from a larger home can often work in a smaller space with some creativity. A pair of bamboo chairs might get a vibrant paint job to brighten a porch, or an armoire could transition from the living room to the bedroom. However, be prepared to part with some pieces. Note: Old sofas rarely work in new spaces.

It’s wise to consider getting professional help. Van der Meer tells the story of Lisa Kachnic, a radiation oncologist, who found downsizing to be "the most daunting task of my lifetime." Frustrated by her unending efforts, she hired a professional designer who divided their belongings into three categories: what could fit in the new space, what could be sold, and what could be donated. The result? A much smoother transition that took weeks instead of months.

It stands to reason that getting creative with storage is key to downsizing. Think about how efficiently RVs and mobile homes must use every square inch of space. When Marilee Bear downsized to a 1,200-square-foot bungalow, she worked with a designer to maximize space with flip-top storage in kitchen banquettes and drawers under beds. She also employed a professional organizer who taught her to continuously prune her belongings, maintaining a donation box for clothes she no longer wears.

While storage units can seem like a convenient solution, they often become a costly way to postpone decision-making. You can find yourself trying to divest items five years after your move and realize you’ve spent thousands on storage in the meantime. Calendar a six-month checkup to see if anything can be removed.

When downsizing, Van der Meer says it’s a good time to consider passing meaningful items along to family members. Encourage your children, nieces or nephews to take furniture by sharing the emotional significance and family history behind the pieces. One of them may cherish a dresser that belonged to a grandparent, complete with stories of its past use.

And lastly, prepare for the unexpected. One downsizer, who wanted to teach her children about "adventure, travel and experience—not things," found herself struggling with an unforeseen issue: storing her growing boys' sports equipment. Flexibility and ongoing organization are key to addressing such surprises.

Wall Street Journal, TBWS

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