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Has the question come up, “What am I doing with all of this space?” If so, then it might be time to consider making a move to a smaller apartment. There are many reasons people decide to move into a smaller apartment. For some of them, it is because they are not using all of the space available to them. For others, it is a financial decision. Others still will do so for more personal reasons.

Whatever your reason for wanting to downsize your living situation, don’t simply jump into a decision. Make sure to weigh all of your options carefully before seeking a nice, affordable rental smaller than the one you are in currently. This will help you from rushing into anything only to regret your decision later on.

Is the Area Better?

Some people decide to move because the area is they live in is not a safe neighborhood, or not a clean community. The area could also be one where social divides are threatening to erupt into conflict and they would prefer not to get caught in the middle.

Loft-Style-Apartment-Design-NY_1 Options to Consider before Downsizing to a New Apartment

The desire to feel safe in their own homes is important to their standards, and many are willing to accept an apartment that may have less space to attain that sense of ease again. For them, a move would be better.

And better does not necessarily mean better. The other part of this question would be: “Is the area better for you?” Would moving into a smaller apartment in a new community or city get you away from situations you do not wish to remember?

Could it be something more positive? Better for you could bring you closer to friends or family. If you prefer the lights and sounds and speed of the big city, and a move would bring you closer to the action and nightlife you seek, then you would probably enjoy doing so. And if that’s the case, you are looking at moving into an apartment that is smaller.

Will it Save Me Money?

If this is your goal – to save money – then downsizing is probably a good decision. Typically, if you are comparing apartments in the same area, the smaller the apartments get, the cheaper they are from a rent perspective.

If housing is at a premium, and the smaller units are the only ones still available, some property managers will raise the cost of rent, knowing that they can get more for the apartment. On the flip side of the coin, if housing is available in abundance and property managers are having difficulty filling their empty units, then prices will go down.

It’s basic supply and demand, but it can work in your favor. If you want to save money by moving into a smaller unit, shop for apartments in the surrounding areas to find the best deal.

There are additional costs to consider into this, however. Heating and cooling a larger unit may be more expensive, but moving into a smaller apartment that is not sufficiently insulated may end up costing you more. Additionally, some properties pay for your utilities, or some of your utilities, but not all do. Keep in mind these potential costs, along with the deposits and connection fees, when considering downsizing.

How Much Stuff Do You Have?

A decision to downsize your living situation also comes with the resolution to declutter your living space. If you have a lot of personal items, furniture, or the such, then expect to get rid of some of it. Mementos and memorabilia will need to be sold of, as would any pieces of furniture that would take up too much space in a smaller apartment. You may even need to sell all of it and start completely fresh (this would actually give you a chance to change up your decor as well).

lux Options to Consider before Downsizing to a New Apartment

The alternative to getting rid of larger items and sizeable collections would be to put it all in storage. This would not be ideal because, in addition to your rent and utilities, you would have to pay a monthly fee for a storage unit. Especially if you are downsizing to save money, renting out a storage unit would run counter to your goals.

So take a look at your current living space and determine if it is enough or too much. If you think you might want to downsize, consider these three questions before doing so. If you find that you want to be in a better neighborhood, desire to have more disposable income, or are willing to reduce the amount of stuff in your home, then moving into a smaller apartment is probably the way to go.