Take These Essential Steps to a Downsized Home in Berkshires

As the baby boomer generation ages, the number of households without kids at home is increasing substantially. In fact, U.S. Census Bureau data projects that 20% of the total population will be ages 65 and and older by 2030.

 

If you are among those who no longer have children in the home, a downsized home may be on your goals list this year. What was once a wonderful family home may seem too large and harder to maintain now that the kids are gone, and downsizing to a smaller home is often a wise move. However, this process of finding a downsized home can be a bit overwhelming. Here’s a breakdown of four steps to take in the downsizing journey.

 

As real estate experts in the Berkshires, we know that our area is an ideal choice for downsizing.

 

 

 

Before starting to search for a new, smaller home, make a list of the “must haves” that your new property needs. Do you need a guest room for visiting family members? Perhaps a larger, updated kitchen is critical for cooking and entertaining. Or maybe you want features that will allow you to age in place, such as a first-floor master bedroom.

 

Today’s retirees are more active than those in earlier cohorts. Many homes in Berkshire County, MA, and Columbia County, NY, are located near some of the best recreational areas in the Northeast. Think about the outdoor amenities you want within reach of your downsized home. Biking, hiking, and winter sports like cross-country skiing may be on your list.

 

 

Would-be home downsizers often want a home with a small yard or a neighborhood with included landscaping services. Condos may be high on the preferred list of properties for downsizing buyers. Your list will be unique to you, but be sure to make one before you start shopping to ensure the home you purchase meets these criteria. Make a list, then prioritize it to focus your search.

 

Not all baby boomers want to downsize to a smaller home. 

 

2019 Chase Bank survey reported that 52 percent of those surveyed said they prefer to age in place in their current home.

 

 

Downsizing to a smaller home isn’t always a fast process, especially if you are planning to downsize to a popular area like the Berkshires. Give yourself time to plan for where you want to live, what you will do with your extra belongings, and how you will manage the move.

 

Don’t start the process close to a deadline, which can lead to buying mistakes. With enough lead time, buyers considering downsizing can find a home that fits their needs in a neighborhood they love, rather than settling for something quickly.

 

What’s a good timeline for purchasing a downsized home? That depends on your personal circumstances and situation. Allow as much time as your schedule permits. Be sure to let your Stone House Properties agent know the timeframe you’re considering. Our agents possess deep knowledge of what’s currently on the market and what listings may soon be added. They can adjust to your schedule once you put them in the know.

 

 

As you begin the process of downsizing, take time to learn about the market in the areas that interest you. For example, for those looking to move within Berkshire County, MA, numerous cities like Great Barrington, MA , provide excellent options. Homes for sale in Columbia County, NY, are spread from Copake north to Lebanon. The actual inventory in those areas, however, will change based on current market conditions.

 

Keeping tabs on Berkshire homes currently on the market and recently sold homes will help you know which areas have the most inventory and the type of properties you are looking for. When the time comes to make a purchase, you can focus your search more effectively.

 

 

Finally, don’t rent a storage unit or buy a home with a huge storage area. Make the choices about what to keep, what to sell, and what to give away before moving. The cost of a storage unit isn’t worthwhile. If items have value, consider selling them and investing the money in the new home. If they have sentimental value, pass them on to family members now.

 

Remember, downsizing carries many benefits, including less money spent on housing, less stress and expense to maintain a home, and the option to age in place with a home that is perfectly suited for older adults.