Downsizing in square footage doesn’t always mean downsizing in cost. With prices increasing over the years, existing homes that you have lived in for 10, 20, even 30 years, might be worth less money than it would cost to build or buy a new home. Smaller homes can be more expensive per square foot due to factors like: high-end finishes, location, material costs and increased demand. Downsizing can be a great move, but there are several key factors to consider before making the leap.
Finances
– Will the sale of your current home cover the cost of your new home or get you closer to being able to afford the new home?
– Consider hidden expenses like property taxes, HOA fees, and maintenance costs.
– If buying new, smaller homes can sometimes have a higher price per square foot.
Lifestyle Needs
– Will the new space fit your daily habits and routines?
– Do you need room for hobbies, guests, or work-from-home setups?
– Will you be comfortable with less storage?
Location & Community
– Do you want to be closer to family, amenities, or work?
– Consider walkability, public transportation, and neighborhood vibe.
– If moving into a condo or retirement community, check out rules and fees.
Emotional & Practical Adjustments
– Letting go of belongings can be challenging—are you ready to declutter?
– Will the new space feel too small, or will it enhance your lifestyle?
– Consider furniture that fits well in a smaller layout.
Future-Proofing
– If this is a long-term move, is the home accessible for aging in place?
– Look for single-level designs, minimal maintenance, and energy efficiency.
Downsizing is an exciting experience that can end with a beautiful place that is easier to manage and maintain and that you are proud to call home. Paul Gray Homes is here to custom curate a home to fit your vision, size requirements and needs. Do you have questions about the custom home building process? Get started building new today. Call 316-990-0000 or click here.