Taking steps to downsize your home is challenging in any situation. It can be particularly difficult if you have a big family. We’ve all seen the micro-homes on social media touting the tiny lifestyle which took hold after the housing crisis. It doesn’t have to go to that extreme, however. Another reason downsizing may becoming more popular is that up-sizing has been so popular for so long. In the 1950’s, for example, the average square footage of a home was about 1,000 square feet. This was at a time when families were larger than today. Now, new single family homes are being constructed at an average of 2,600 square feet. Why do we need so much space and what are we using it for?
Some families downsize to save money. Others downsize because their job has taken them to a more expensive area. Still others make the decision because they simply have too much stuff. If you are ready to make the move, here are 5 ways to downsize your home successfully with a big family.
1. Make sure everyone is on the same page. Downsizing takes a team effort. Take time to make sure everyone knows the reasons and the benefits of downsizing. First and foremost, downsizing can save money. These are funds that can be used for retirement, college, family vacations or other family goals. They can be used to reduce debt or pay off a mortgage sooner. Downsizing generally saves energy, making your family more “green.” A smaller space is easier to clean and maintain, leaving additional time for more pleasant activities. Everything from shoveling snow to mowing the yard will take less effort. Discuss the positives of downsizing and the benefits to the family.
2. Prepare for a garage or yard sale. A important aspect of downsizing is getting rid of much of your stuff. One of the best ways to do this is by organizing a large garage, yard or tag sale. These sales are big business, generating over $4 million dollars in sales each week. Getting such a sale together can be interesting when dealing with a big family. That is because everyone will have their own ideas about what is important to keep. There are a couple of ways you can address this. You can include financial incentives. Let each family member keep a portion of the proceeds of the sale of their items to buy something they want. Put remaining funds toward moving expenses or for new, downsized furniture. You can also give each family member a “box budget”. Ask that each get all of their personal belongings in a predetermined amount of boxes. To get an idea of how much you will have to get rid of, use the square footage of your current home vs your target home. If you are moving from a 2,500 square foot home to a 1,500 square foot home, you will have 40% less space. That means you should reduce your “stuff” by about 40%.
3. Determine where you can best save space. A recent survey states that only 40% of families will eat dinner together 3 or fewer times during the week, with 10% never eating dinner together at all. Yet, many of us have large eating areas and dining rooms in our homes. Some have large kitchens yet about 45% of our meals are prepared outside of the home. There are families with three car garages, yet they only own two cars. There are parents with large suite-like bedrooms that are only used mainly for sleeping. Do you have an underused office space, basement, game room or library? Part of the secret to downsizing, for a big family, is to have an honest discussion about where you need, and do not need, space. Determine what space makes you and your family comfortable and choose your next home wisely.
4. Look for space saving options. Finding space saving furniture options can become a fun and creative part of downsizing for a big family. One Scandinavian furniture company has even built a large portion of its business on space saving furniture options, and yes, it is very big business. IKEA operates about 375 stores, in almost 50 countries, accounting for over $30 billion in sales in 2014. They, along with other furniture makers, have been perfecting multi-use furniture like bookcases that fold into beds, organizers that can turn closets into dressers, and versatile shelving units that can maximize any space. There is unused space higher up on walls and below beds that can be better utilized with a little imagination and web browsing. Successfully involving all family members in the discussion on how space can be better utilized can lead to some interesting ideas.
5. Track your savings. Successfully downsizing, with a large family, is much more rewarding when there are accountable benefits to the move. Track expenses before and after the move. If you don’t want to share details of the savings, you perhaps can be comfortable sharing percentages. Let the family know that the move has been worth it and keep them engaged in the process. Your children’s future living choices may be influenced by the realization that they can indeed, live with less. It can be a terrific teaching moment for everyone involved.
If you are concerned about downsizing, it can help to get the help of a professional. A real estate agent can assist you in finding options that are just right for you.
2 Point Highlight
Downsizing takes a team effort so take time to make sure everyone knows the reasons and the benefits of downsizing.
If you are moving from a 2,500 square foot home to a 1,500 square foot home, you will have 40% less space, meaning you may have to reduce your “stuff” by about 40%.
