Is Downsizing the Right Move for You?

Thinking about downsizing your home? A smaller home does not always mean a smaller bill. Start by comparing your daily needs and the full cost of your next home.

Imagine you own a three-bedroom house in Chicago. The children have moved out, and you use only a few rooms. A condo in Skokie looks easier to manage: less yard work, fewer stairs, and less space to clean. But before you put the house up for sale, there is one question to answer: what would the move actually change for you?

Downsizing Your Home: What Would You Gain—and What Would It Cost?

What would you gain? Perhaps a simpler daily routine, a layout that works better for you, or a location closer to family. According to the National Association of REALTORS®, buyers over 60 cite several reasons for moving, including being closer to family, retirement, and downsizing. nar.realtor

What would it cost? Next, compare the likely sale proceeds from your current home with the full cost of the next one. For example, if you choose a condo, include the HOA fee as well as property taxes, insurance, and any planned repairs. If you receive a property tax exemption, check which exemptions you may qualify for at the new address. The Cook County Assessor explains that homeowner and senior exemptions depend on eligibility tied to the residence. cookcountyassessor.com

You may find that moving gives you the lifestyle you want. You may also find that staying put makes more sense for now. Either answer is useful before you spend money preparing your home for sale.

I can prepare a comparative market analysis for your current home and help you compare selling options with the homes you are considering next. If you are thinking about downsizing in Chicago or the northern suburbs, call or text me at 224-517-5507.

Natalie Novikova
Illinois Licensed Real Estate Broker
CENTURY 21 Circle

Read next:

Selling Your Home: What Could It Sell For—and How Much Would You Keep?