Whether you have decided to eliminate debt from your life or you are first-time empty nesters ready for a new beginning, now may be the time downsizing to a smaller home is an option. But before you jump into the process of dowsizing, it's crucial to understand the potential hazards along the way. Here are the major mistakes to avoid when downsizing your home. 

1. Not defining goals before downsizing your home: while the financial benefits of moving into a smaller space can be many, it is essential to define your goals before you begin downsizing in Portland. Consider the following reasons for downsizing your home:

• Boosting your retirement fund;
• Eliminating debt;
• Paying off your loans quickly;
• Saving money after retirement;
• Decreasing home upkeep and maintenance.

2. Avoiding hidden costs:you will undoubtedly be saving money on your mortgage and utilities by downsizing to a smaller home but it doesn't mean you can avoid financial caution. When you are buying a new home, make sure you are considering a home that doesn't require extensive repairs or maintenance, or make sure you can comfortably afford them. In addition, ensure your new home doesn't come packed with expensive property taxes that might eat into your savings.  
3. Not hiring a professional early on: it may be tempting to downsize to a smaller home on your own but it will give you countless hours of stress, and these hours of stress are not worth the money you would be saving. People who have moved in the past know the overwhelming emotions that come with the process. A real estate agent can eliminate the stress by taking on one of the most anxiety-inducing parts of downsizing and their knowledge can't be matched. 
4. Neglecting the budget for your move: as you start to realize how much money you will save by downsizing your home, don't forget about the cost of relocating to a new place. While you may be thinking about saving costs by doing all the moving yourself, consider hiring a moving company. It will help you to avoid the hassle of moving and packing. 
5. Holding onto unnecessary things: the biggest mistake people make when downsizing their home is holding onto unnecessary things. So, take time to look through your closet, garage, kitchen and spare rooms for anything that's collecting dust and you no longer need. 

The bottom line

Downsizing your home in Portland can be a way to free up some additional cash for retirement but you should run the numbers before you start packing. Avoid these mistakes to make your downsizing process a hassle-free experience.