The Nest

NestApple's Real Estate Blog

Featuring real estate articles and information to help real estate buyers and sellers. The Nest features writings from Georges Benoliel and other real estate professionals. Georges is the Co-Founder of NestApple and has been working as an active real estate investor for over a decade.

Smaller Home in NYC, Less Worry, But Lots of Work

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couple who moved to a new apartment: Smaller Home in NYCA smaller home in NYC might equal less worry. Whether moving to a small single-family home or getting ready to enter an assisted living center, there are many things to consider before you start the real estate downsizing process. Start by deciding which of your personal belongings to get rid of. Then continue by finding the right home for your budget and lifestyle. Below are a few tips on how to get through the process so you can enjoy retirement.

Most people choose to live in NYC for the experiences it offers rather than to accumulate possessions. Therefore, one may not require a lot of living space if they don’t possess many items.

If you ask a New Yorker, they might ask in return: Why do some people live in remote areas where they only interact with the same individuals and have limited access to new experiences?

The space race

fragile delivery man into new york apartmentFirst, you’re planning to say goodbye to floor space for a smaller home that’s easier to care for. One of the first things you’ll need to tackle is deciding what to keep.

Measure each room to see which of your current pieces of furniture fit. Then storage units are your friends, and storage companies always run deals and promotions.

Don’t just look at the square footage. You must also consider the room’s flow and avoid blocking doors or windows.

The big stuff isn’t all.

Deciding which furniture will and will not fit is the easy part. However, your home is full of personal belongings, many of which you might have had for an entire lifetime. Your next task is to purge the closets, storage options, and extra bedrooms.

Unfortunately, you probably cannot accommodate everything in your new home, but you don’t necessarily have to let it go.

red door - wharehouse in new yorkConsider your options carefully, whether passing cherished heirlooms on to your children or grandchildren or renting a storage space so you can always access the things you love. Keep in mind, however, that the storage facility in NYC isn’t cheap.

However, you can find a great deal if you take your time and research. One example is Manhattan Mini Storage on the Lower East Side of South Street.

As a bonus, if you reserve online, you can also take advantage of current specials, including free use of the company’s movers. Clearing your home of clutter can make it easier when it’s time to pack for the move.

It would be best if you had professional movers.

Home design elements for smaller homes in NYC

living room of new york apartment: Smaller Home in NYCIt would help to consider how your new home is designed when planning for the future. A structure with elements of universal design already incorporated can make things much easier if mobility issues are problematic.

The National Institute on Aging also points out that non-skid floors, a ramp at the entry, and handles on faucets and doors in place of knobs are all senior-friendly features.

Perhaps the most important for older people is finding a home for single-story living. If you’ve never lived in a single-story dwelling before, you can browse floor plans online to get an idea of the available layouts.

Other helpful tips for a smaller home in NYC

delivery men in new york

  • Hire a licensed and insured moving service. Few things are worse than suffering a significant injury or strained back when trying to settle into a new home. Check for access to public transportation. If you don’t drive, this may be your only option for getting around.
  • Make sure there are Medicare-approved doctors nearby. Not all physicians accept Medicare, and even among those who do, some might not offer services for Original Medicare plan members.

In conclusion, moving to a smaller home is a big deal. A smaller home might equal less worry, requiring planning and an understanding that you can’t take everything with you. Even with the hassles and headaches, downsizing can open up a new world of possibilities.

A smaller home means less maintenance and more cash in your pocket, which frees up time and money to enjoy life now that your nine-to-five hours are your own.

Written By: Georges Benoliel

Georges has been working in Wall Street for the last 16 years trading derivatives with hedge funds. He has been an active real estate investor for over a decade. Georges graduated from HEC Business School in Paris and holds a master in Finance from ESADE Barcelona.

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