As I am the data driven one in the relationship I decided to make a list of things we wanted or needed based on some practical points.
- The first was pretty simple, how much space did we really need? I calculated the floor space of the rooms we actually used in the house. Obviously we were comfortable living in that size space since we were already doing it.
- How much did we want to pay and where did we want to live? As anyone who has recently been researching real estate these 2 items go hand in hand. There are areas of Denver where you can pay $500,000 for a 1,500 sq ft house or you can pay $200,000 for a the same size house. We certainly didn't want to increase our monthly mortgage to get a smaller house so we had to concentrate on areas that met our needs: nice neighborhoods, easy access to parks, shopping and downtown, access to light rail and potential for appreciation of our investment.
- Once we had the area picked out it was time to starting looking. A few days of looking and discussing the advantages and disadvantages of various features of homes we were able to make a list of 'must haves', 'would like to have', 'would be okay' and 'deal breakers'.
We were able to find a house that is just right for us. It had all the things we needed, a few things we wanted and none of the 'deal breakers'. We were able to find a home with great 'bones' (you can read about that here). The payment is less than what many people pay for a 1 bedroom condo in downtown Denver. The interior needed up-dating but we have spent the last 6 years methodically updating a room at a time along with some major landscaping work and we have exactly what we want and couldn't be happier.
Are you ready to downsize? Here's a great article about Money-Smart Reasons for Downsizing by Dave Ramsey that makes the financial case for you.
If you're ready to take the leap and downsize to your perfect next home, contact me, I'd love to help.
I am a licensed real estate broker in the state of Colorado with over 10 years of comprehensive experience in real estate.