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Downsizing: Tips for Buying a Smaller Home

Downsizing Tips for Buying a Smaller HomeMaking the decision to downsize your home, for any reason, can be a big one—we get it! Here at Century 21 Indian River Realty, we understand how stressful it can seem when you are buying a smaller home. Fortunately, downsizing doesn’t have to be a stressful process, and we are here to help. Here are some great tips for buying a smaller home

Downsizing Your Home

When buying a smaller home, it’s important to take your time and make a well-informed decision. Ask yourself what features to prioritize as you enjoy your new home over the coming years. As we age we often downsize our homes to simplify life. You may want to look for a home without stairs. You might also consider a walk-in tub or shower as opposed to a traditional full sized shower/tub option.

Understanding when is the right time to downsize your home is the first step, but no matter what the reason—there are a few things you should consider to help you downsize into the right home.

Find the Purpose in Things

One of the biggest mistakes homeowners make when downsizing is not purging items that are no longer needed. When you’re buying a smaller home, it becomes even more important to find a function or purpose for your possessions.  

Declutter Your Life

Buying a smaller home means living with less space for your things. Consider dividing things into three lists as you inventory the contents of your home:

  1. Must-have Things
  2. Things You Could Live Without
  3. Things You Can Replace

Obviously, your must-haves need to go with you to your new home. The items in your ‘Things you could live without’ list doesn’t necessarily mean you will; it just means these items would be the first thing to go if space becomes an issue.

Finally, the items on your ‘Things you could replace’ list would be things like your TV or furniture that you could replace with space-saving versions. 

Measure Everything

When downsizing homes, it is important to measure the space you are considering buying. The square footage only tells part of the story on living space. When it comes to your favorite possessions, you need to make sure they fit in the locations you picture using them.

For example, if you need to bring a large cabinet with you, you need to confirm the wall location it will rest in front of is long enough for the item and that no vents are present which the cabinet could block.

Consider Location

Downsizing your home shouldn’t mean inconveniencing yourself. You may want to make sure the location of your new home is close to stores or offices you will frequent. A realtor will be able to tell you about the surrounding area of the homes you are considering.

For over six decades, Century 21 Indian River Realty has served homeowners throughout Brevard County and the surrounding areas. If you would like to know more about downsizing or need an experienced Melbourne realtor to help you buy a smaller home, give us a call at 321-723-4747 or contact us online today!

First-Time Homebuyer Mistakes to Avoid

first-time homebuyer mistakes

Becoming a first-time homebuyer is a huge step. Oftentimes, people find themselves overwhelmed with the entire process. Of course, buying your first home is a huge investment, so you want to make sure to get it right. To help you along the path to your first home, here are 5 of the most common first-time homebuyer mistakes to avoid. 

  1. Not Knowing Your Real Budget

Knowing what your budget can handle and what the bank says your budget can handle on paper are two different things. To figure out your budget, make a list. This should include your monthly expenses like:

  • Groceries
  • Vehicle Costs
  • Credit Card/Student Loan Payments
  • Health Insurance
  • Retirement Contributions

Don’t forget to include monthly home maintenance expenses such as water and electric bills, as well as yearly expenses like premiums for insurance and annual vacations. Once you have a number, subtract your take-home pay from this, and you’ll know exactly what you should be spending each month.

  1. Inspection Neglection

Knowing what shape your prospective new home is in will keep you from spending tons on unexpected repairs. Don’t neglect to have the home professionally inspected to get a complete picture. This can prevent the first-time homebuyer from making a serious financial misstep. 

  1. Not Thinking Ahead

It’s easy to get lost in the details when buying your first home. But failing to consider additional expenses that are inevitable can lead to misfortune. Becoming a first-time homebuyer means that you will now be responsible for things like homeowner’s insurance and property taxes along with all the necessary repairs in the home. This can include expensive projects like replacing your roof or furnace. 

  1. Not Compromising

It’s important to know the difference between what you want and what you need in your new home. For first-time homebuyers, this can be a tricky situation to navigate. You want to get the most from your new home, but it’s important to understand the power of compromise. Being inflexible could lead to missing out on that perfect home, or renting longer than anticipated. 

  1. Not Using An Agent

No matter what, you should never walk into an open house without having an agent. Real Estate agents are held to ethical standards that insist they act in the best interest of both the buyer and seller. However, it’s a best practice have your own agent before you start dealing with the seller’s agent. Your agent will know your needs and will help you negotiate the best offer.

Located in Brevard County Florida, our qualified agents are ready to help you find a great house and help you avoid any of these first-time homebuyer mistakes. Contact us today to schedule an appointment.