When looking for a new place, there are many variables to take into account when finding your new home. Price, location, the school district, and the neighborhood upkeep are just some of the few things that a prospective buyer is looking out for. If price is a big factor for you, consider downsizing when temporarily relocating.
The money you can save is definitely an attractive reason to downsize on your home. Before settling, make sure that saving that money is worth it. Would you have to live in a neighborhood that you’re uncomfortable in? Are the people there friendly? There are some costs that outweigh the benefits that you may get from downsizing.
Doing research and actually looking at the location where your future home is located is a key part in deciding where you plan on moving. Your commute to work can play a factor. Your monthly gas bill might be a good reason to move in closer rather than farther. If you have kids, the school that your new home is located in is also something else to definitely consider.
There is also the issue of finding space for your belongings. Will all of your items fit in your new place? If not, storage could be an option. Before choosing a storage unit, compare the money you would save by placing your items in a unit to downsizing. Use this quick equation to see if it would make sense to do so:
(Monthly payment of Home A)-(Monthly payment of Home B)-(Monthly payment of a storage unit)=Net savings/loss
The average cost of a 5’x10’ storage unit in Chicago can range from 50-100 dollars a month. With Home A being the larger, more expensive home, you can use this equation to factor the benefit of using storage when downsizing. This option makes sense for those that are only planning on relocating temporarily.
When it all boils down to it, the most important part about finding a new home is finding the right place for you and your family. Yes, taking all of these considerations to mind is important, but if you have the slightest doubt about one home, it may not be the right choice for you. Talk with a realtor to find the best solution for you.
Joseph Ver is part of the SpareFoot marketing team. Let SpareFoot storage finder help you find the best price for your next storage unit.