Has Anyone Downsized or Thinking of It?

[cschin4]

I recently sold my home which is a 4BR 2800 sq ft home and am downsizing next week into a home that is about 1800 sq ft. I am trying to "batton down the hatches" whatever that means and live a simpler life. I am also decluttering a lot of stuff as well. I am trying to look ahead a bit as my oldest will be turning 14 so out the door in a few years and I won't need the bigger house. And, I think bigger homes are going to be more difficult to sell when the economy worsens.
Did you downsize and were you glad you did?

[Seeker]

To tell the truth, we never upsized though it was repeatedly suggested to us to get a larger place.

At this point in time, I am extremely glad we didn't.

We live in out little cozy 1000 sq ft including a two car garage and keeping the place clean will never be too much of a problem (if I ever have time to clean anyway)

[Lori63]

We upsized to 3400 feet when the boys were 14, 11, and 7. Now with one in college, another going next year, we are definitely looking to downsize in the next few years. Right now we're paying down debt and saving what we can.

[wincrasher]

Economy getting worse is certainly a scary thought. At this point, most are hoping it will get alot better.

I've always thought "downsizing" was bit ridiculous. The operating cost per square foot is not that much different. A little economizing in the right places - flourencent bulbs, thermal glass, insulation, efficient appliances and heat pumps can make even an enormous house cheap to keep up.

I know people with 1200 sq ft homes that spend alot more on utlities than I do for my 3700 sq ft.

Simplification, as you descibed, is always a good idea. We all have too much junk that is sitting around not getting used. Sell it or give it away.

If I were to consider "downsizing" it might be for a bigger house, but with alot less yard. All that yard work is getting old.

[irmanator]

My house is pretty small as it is and pretty crowded. 800 sq ft/ 5 people. But it keeps me from buying a lot of clutter.

After the kids graduate and move it will seem like a mansion. lol

[cschin4]

The operating cost per square foot is not that much different. A little economizing in the right places - flourencent bulbs, thermal glass, insulation, efficient appliances and heat pumps can make even an enormous house cheap to keep up.


Yes. That is a good point. I do think people sometimes overestimate these costs/savings. Perhaps a bigger issue for me is the cleaning and maintenance. I really just don't have the energy or desire to keep up caring for the big house. More sq footage, more bathrooms, and more space does take more time for me to clean. And, it has resulted in more clutter to manage because I have the space so I really didn't have to get rid of stuff like i did in a smaller home. Of course, I could just become more organized!
I do think some costs will be less. Like home maintenance if I have to replace a roof, etc. Also, property taxes are about 30% less and so forth.
And, because our area seems to be going into decline, I think the McMansion is going to be a harder sell down the road versus a generic property that is more appropriate for a working family, etc. Just my opinion but I have to plan for the future based on how I see it coming.
Any home can be a money pit. And, a well made larger home in good condition may cost much less down the road than a distressed smaller home.

[snafu]

We downsized from lg. 4 bdrm, lg. corner lot to 4 level, townhouse style condo. Eliminated one bedrm, main flr. family rm, and a multitude of yard care issues. Before taking any action, I suggest you carefully look at which rooms you spend the most time in and the activities you need to keep everyone happy. Everyone will need to co operate and buy-in to the decision.

Except for MBdrm, the other 2 are small but well designed and efficient. DKs domain is basement F/Rm which they prefer. Galley style kitchen limits the mess any of us can create a 'breakfast' room & adjoining deck allows for family meals and 'projects.' 2 full baths + 2, 1/2 baths are great if you have teens. We need the dining rm as we host dinner parties nearly weekly but DH has his roll top desk there which is a 'server' on Sunday and his home 'office' the rest of the time. The shelves in the bottom hold books, drawers hold supplies, desk is the right sz. for his laptop and cubbies hold files and project accordian file folders. The laundry rm adjacent to entry is sewing rm, wrap zone and launch pad for items to be taken ea. morning. We have to be diligent to get laundry done, folded, put away or we have chaos.

Outer wear must go in cupboard or entry is clogged. Storage is shelving in dbl garage. Every area must function as it is designated or no one will find anything! We have sm TVs in bdrms and giant screen in LV Rm and basement.
Condo staff do all outside maintenance, landscaping, repairs. Taxes and insurance halved, no mortgage, better public transportation, good shopping within walking distance, award winning schools.

Downside: if I were a snob, I'd feel I hadn't made it!

[LuxLiving]

We're seriously contemplating selling. We've got 2 1/2 acres of partially wooded land that Hubster keeps like a park. As he ages, that will seriously be a problem for us all. As I age, I KNOW I'm not staying here and trying to keep up all this yard, nor do I want to have to rely on my sons to do it. Love my house, but as a former condo owner, I'd love to go back to living in one again to age in. Lock the door and travel for months!

He's interested in a smaller house w/SMALLLLLLLLLLLL yard. For me, if it's a house it Has To Have 1)no steps, 2)siding or brick, 3)an enclosed attached garage, 4)off the main busy roadways - I don't want to be some Granny who crashes someone backing out of my driveway and 5)hopefully close to shopping areas, doctor, dentist, eyecare, etc.

Our needs have changed. When my kids were younger they needed the large yard to play in and needed to know how to labor. This place provided that, but those needs are gone now - we are looking forward with our new and future needs in mind.

For the moment, we're enjoying having our house paid off and trying to do some upgrading and repairs that will be good for us if we stay and pleasant to a buyers eye if we sell.

[kork13]

I'm in the middle of a long, drawn-out move for the military, so in a way, I've been forced to downsize -- to nothing. I'm living in billeting now, and have been out of my apartment for nearly a month (and loving not having a rent payment -- but not the issue right now). What I've realized, though, is that I'm able to live pretty comfortably out of just a couple suitcases. So looking at all of the stuff that I have packed up in storage, I'm not sure why I need it all! When I finally get to my next duty station (next April.... ugh), I'm definitely going to be doing some downsizing with all my stuff.

[lovcom]

Downsizing is not just about swapping a house for a smaller one.

One can downsize their cable package, cell phone package, all kinds of stuff, like cancel magazine subscriptions, cut out one weekend of golf per month, eating out, other discretionary spending...

I did this without changing houses, and I found about $600 per month savings.

Here is how I did a severe downsizing: I eventually rented out my 4 bedroom home to a nice family, and that offset the monthly mortgage. I'm mobile now; consulting anyplace the job takes me, free lancing IT work. My out of pocket is less then 10% of the income I generate. I am currently in the Pacific North West, and once this gig ends in March 2010, who knows where I'll land?

[Joan.of.the.Arch]

Lovcom, are you saying you downsized to hotels? To a camper or something? You live on the road? You are in a short term rental of some sort?

[lovcom]

Joan, since my gigs are 3-6-9 months or longer, I rent a room or a house in the area. Currently my monthly rent is $500 for half a 3 bedroom house. I spend another $400 per month on food and recurring living expenses. Since my state of residence is California, I get a per diem of $168 per day (in Oregon) which is more then I need to offset my living expenses/rent...and of course the per diem is tax free! I pay myself a very, very low salary so my tax burden is tiny. My current monthly income is around $12,000.

[cschin4]

Downsizing is not just about swapping a house for a smaller one.

I agree. One can downsize in many ways. I am just using that as the common term.

[LuxLiving]

Originally Posted by kork13

I'm in the middle of a long, drawn-out move for the military, so in a way, I've been forced to downsize -- to nothing. I'm living in billeting now, and have been out of my apartment for nearly a month (and loving not having a rent payment -- but not the issue right now). What I've realized, though, is that I'm able to live pretty comfortably out of just a couple suitcases. So looking at all of the stuff that I have packed up in storage, I'm not sure why I need it all! When I finally get to my next duty station (next April.... ugh), I'm definitely going to be doing some downsizing with all my stuff.

kork13, you might enjoy reading some of the entries over at
Fabulously Broke in the City .

She did some serious downsizing and talks about living out of a couple of suitcases.

[dana67]

We're already in a medium sized home, so not wanting to go smaller. We did have the house insulated though in hopes of downsizing our heating bill this winter though.

[Snodog]

I think downsizing is a great way to save money and simplify your life. Wife and I live in a 975 sf house (allthough if you include our finished basement it is closer to 1500 sf) and I love the low taxes and energy bills and I also would not want to clean a bigger house. Allthough I like others wish the yard was smaller.

As for bigger houses not selling well and the economy worsening you may indeed be correct allthough I'm not betting on it.

[cschin4]

As for bigger houses not selling well and the economy worsening you may indeed be correct allthough I'm not betting on it.

Why is that? But, yes, nobody knows what will happen in the future. Who predicted the internet boom, etc? IBM had made some statement yrs prior that the world only needs about 5 computers.
But, regardless, it is always the best course of action to live below one's means than on the cusp.

[cschin4]

And, actually, affording the larger home wasn't a problem. We had already paid off the mortgage and had the mortgage on other home paid as well though we did take a HELOC to do remodeling. Now that we are selling, we will pay off that HELOC and be debt free.

[lovcom]

Originally Posted by cschin4

IBM had made some statement yrs prior that the world only needs about 5 computers.

Why would a company that makes computers and makes money by selling those computers say that?

Trust me, IBM never said that.

I've worked with IBM for 30 years and I've never heard of what you wrote.

[FrugalTexan75]

I downsized - in stuff and place of living.

I was living in a one-room apartment around 740 sq ft. I am now renting a maybe 150 sq ft room in a single mom's home. I do have use of the attached living room and the kitchen and the washer/dryer area, plus storage space in the garage, but my actual personal space is a LOT less.

For now, it is working out well. Eventually I think I will try to find an apartment in the 500 sq ft range, but probably not till I'm finished with school.