Downgrade house?

[cypher1]

How many of you have downgraded your home? I'm coming up on 9 years at my place, and actually debating about selling my house, put half of my stuff in storage rental, and rent an apartment for 1-2 years.

I still owe $165k, but my realtor friend thinks I could sell for $270-275ish (not including fees).

I'm 37, single, no more roommates. Without getting too personal, I recently broke up with my GF, so I don't see myself settling down anytime soon. I actually love my house, the location since its closer to work, and quiet neighborhood. However, its 2000 sq ft which I've always felt conflicted, since its too much space for one person. I feel like its being wasted since I don't have a roommate living downstairs anymore.

I'm not in any hurry for another house, but if I did, i'd like a smaller one (1200-1400 ft). Or possibly buy land and build a small carbon neutral home further from the cities. That's just an idea,but I'm still thinking about a more eco-friendly home. Or focus more on traveling, if I rented an apartment.

I posted this article before, but it's what I use for inspiration for minimizing my lifestyle:

https://www.nytimes.com/2014/01/23/garden/freedom-in-704-square-feet.html

[disneysteve]

If you are seriously considering downsizing, I would skip the part about putting half your stuff in storage. Instead, start focusing on downsizing your belongings so that what remains is the stuff that really matters to you and the stuff that will fit in a 1,200 sq. ft. home. Otherwise, you will spend a few thousand dollars to store all of that stuff for a couple of years only to have to get rid of it later anyway because you don't have the space for it. If you can live without it while it is in storage, you can live without it permanently.

[Jluke]

Wait 6 months before making a decision. Doesn’t seem like you are in the right mindset.

I would stay in the house and wouldn’t feel like I am wasting that square footage. And that is from experience.

Moving may actually cost you more money.

[cypher1]

If you are seriously considering downsizing, I would skip the part about putting half your stuff in storage. Instead, start focusing on downsizing your belongings so that what remains is the stuff that really matters to you and the stuff that will fit in a 1,200 sq. ft. home. Otherwise, you will spend a few thousand dollars to store all of that stuff for a couple of years only to have to get rid of it later anyway because you don't have the space for it. If you can live without it while it is in storage, you can live without it permanently.

Storage would be mainly for my auto/carpenter tools, and home theater setup (11 speakers, 1 sub, and 2 amps), which I don't think I could store or use in an apartment. Surprisingly years ago I've mapped out an inventory of all the items I'd keep, and dump, if I ever decided to downgrade to smaller space (thanks to the ongoing Declutter thread). Which my roommate at the time thought was weird.

Based on my current setup on the main level of home, I could easily be comfortable with 800-1000 sq ft, as long as I had a garage to work on my projects. My brother in-law, the architect, warned me to not go too small for resale and future expansion if I ever did decide to build my own place. While I know its not functional for most people (or in MN), I'd love to design a garage type loft for my living situation.

But back to my original question, besides retirement and kids moving out of house, have others decided to just downgrade their place? And did they have any regrets afterwards?

[creditcardfree]

One option would be to rent our your current home, and rent a smaller home for awhile to know if that works for you. If it doesn't you will then know and have the option of moving back into your current home. That's assuming you would be willing to be a landlord and have other living in your home for a year or two.

[bjl584]

I'd be inclined to stay put for now. See where your life takes you one year from now, then revisit this idea.

[Fishindude77]

If you can find someone compatible, get a paying roommate and let them make make a big chunk of your monthly mortgage and utility payments while staying in the house you love.

[snafu]

I was sorry to learn your relationship ended. I add my voice to the others suggesting you keep the house at least 6 months primarily because it's a convenient location that you like. You might move to your basement suite and rent the main level on a month-to-month lease. Meanwhile, electronically track smaller homes or condos with location as your 1st concern. Have your realtor send you the final price on 'solds' within your convenient boundaries to better understand your real estate market.

I hope you'll take disneysteve's comments seriously, paying storage fees for items not used not needed is usually pointless. Use your list to sell, re-gift, donate or recycle the stuff you no longer use, no longer need, have replaced or leaning towards obsolete. If items no longer serve you they are just taking space, while you pay mortgage and taxes on every square foot.

[msomnipotent]

You love your house and it is in a good location. Why sell it? Can you upgrade your house to be more eco friendlyl?

[cypher1]

I was sorry to learn your relationship ended. I add my voice to the others suggesting you keep the house at least 6 months primarily because it's a convenient location that you like. You might move to your basement suite and rent the main level on a month-to-month lease. Meanwhile, electronically track smaller homes or condos with location as your 1st concern. Have your realtor send you the final price on 'solds' within your convenient boundaries to better understand your real estate market.

I hope you'll take disneysteve's comments seriously, paying storage fees for items not used not needed is usually pointless. Use your list to sell, re-gift, donate or recycle the stuff you no longer use, no longer need, have replaced or leaning towards obsolete. If items no longer serve you they are just taking space, while you pay mortgage and taxes on every square foot.

While the breakup is still very fresh, I have been debating about how long I'd stay in my house due to the size for just one person. I only dated my ex for a year, as we knew she and her kids wouldn't move into my place due to further away from her family, and kids school. Plus she had her own house as well. So at the time, I knew I'd eventually sell my place, but expected it wouldn't be for at least 1-2 years. Oh well, lesson learned.

But now I feel this is a better opportunity to focus on minimizing my home while making some money off it. Even though my friends think this is just an emotional response to the breakup.

I do like the idea as you and others suggested about giving it 6 months to figure things out. In the meantime I feel its further motivation to continue de-cluttering, even though I don't have much more to get rid of. It also allows me to do clean up and misc touch up/repairs in each room, as if I am putting house on the market soon. So there is no major rush to move out.

As storage rental, I reviewed my garage and tools/speakers for space. I could probably store everything in an apartment, as long as its a 2 bedroom.

[LivingAlmostLarge]

I would also not sell right now. Give yourself a year to see what happens. Perhaps you'll meet someone new. I don't think it's a bad idea to downsize but making an impulsive decision at this second seems hasty. Make decisions from positions of strength not weakness.

[Gailete]

If you are seriously considering downsizing, I would skip the part about putting half your stuff in storage. Instead, start focusing on downsizing your belongings so that what remains is the stuff that really matters to you and the stuff that will fit in a 1,200 sq. ft. home. Otherwise, you will spend a few thousand dollars to store all of that stuff for a couple of years only to have to get rid of it later anyway because you don't have the space for it. If you can live without it while it is in storage, you can live without it permanently.

I really agree with this. When Mr. Big Bucks and I got married, he brought bunches of stuff with him that was stored in the loft of the garage for almost 4 years. When we split and he moved out, this stuff that he wouldn't let go of, he had to rent a storage place to put all the stuff that he didn't have room for and hadn't touched in 4 years and who knows how many years before we got married. He was a guy that liked his toys and I sure wish I had known it before we got married. A lot of that stuff he was hoarding, in the early years of eBay, he could have made a mint with it all instead of paying to store it. I have no clue what he eventually did with it all, but it was a bunch of Star Wars 'collectibles' etc. I've moved a lot and I know how to get rid of things pre-move if am going into a smaller place. My hardest things to give up is my books and my sewing stuff including sewing books and magazines. Other than that, I don't really have a lot of 'decorative' stuff. I no longer have clothes left over from high school while my hubby still has stuff from school and he is 53 and probably weighs about 75# more than when he was in school but won't get rid of them.

If you think relocating is in your future, then start - decluttering now. Yard sale season is almost here or thrift stores are always glad for donations.

Have nothing in your house that you do not know to be useful, or believe to be beautiful. William Morris
Read more at: https://www.brainyquote.com/quotes/w..._morris_158643

I really believe in this quote.

[cypher1]

Just wanted to give an update in regards to downgrading lifestyle. Since early July I moved into a friend's house renting a bedroom. I wanted to save more money for traveling as my main reason. While my co-worker friend is renting my whole house by himself.

During which I manage and maintain the repairs of my house instead of going through a property management company. I kept my original mailing address to save on insurance, and got to keep my stuff in storage in one of the guest rooms and garage for previous furnishings.

Originally renting my whole house was not a consideration since I wasn't comfortable with complete strangers unless I was selling. However, my renter friend took a break on house shopping and wanted to rent a place closer to our work to avoid traffic since he works first shift. Since I work mid-shift, rush hour was never a concern for a longer commute.

I also did not want to deal with roommates at my house anymore. Neither did my friend who is renting it. But I am more comfortable being a roommate at my friend's place since I wouldn't have to technically repair anything. Although I'm finding projects to help my buddy work on since I brought most of my tools.

As for numbers, I'll probably have to post that for another thread. It's still early, but been a transition going from a whole house, to having roommates, I don't mind the compromise. Although I miss my updated kitchen and garage for space.