Michael Makowenskyj’s Essential Advice for Downsizing in New York City

Downsizing can be an emotional and challenging process, especially in a fast-paced and high-stakes real estate market like New York City. Whether you’re an empty-nester looking to move to a smaller space, a retiree seeking a more manageable lifestyle, or someone simply wanting to declutter and simplify, downsizing in NYC requires thoughtful planning and strategic decisions. Michael Makowenskyj, a seasoned real estate expert with a deep understanding of the New York market, offers his invaluable advice for making the downsizing process smooth, efficient, and ultimately rewarding.

Start with a Clear Vision of Your New Lifestyle

“When considering downsizing, it’s crucial to start by defining your goals and envisioning your new lifestyle,” Michael advises. “Ask yourself what you want your life to look like in this new chapter—whether it’s having more free time, reducing maintenance responsibilities, or living in a more vibrant, urban environment.”

Michael suggests creating a list of priorities that align with your vision. “For some, this might mean finding a modern condo with amenities like a gym and concierge service, while for others, it might mean a quaint apartment in a quieter neighborhood. The key is to focus on what will enhance your quality of life in this new space.”

He also recommends considering how your new living situation will support your future needs. “Think about accessibility, proximity to healthcare, and ease of upkeep. The right downsized home should offer convenience and comfort now and in the years to come.”

Declutter and Simplify

“One of the biggest challenges of downsizing is letting go of possessions,” the real estate expert notes. “Over the years, we accumulate a lot of ‘stuff,’ and it can be difficult to decide what to keep and what to part with. However, decluttering is an essential step in the downsizing process.”

Michael advises starting the decluttering process well before your move. “Begin by sorting through your belongings and categorizing them into three groups: keep, donate/sell, and discard. Be honest with yourself about what you truly need and what holds sentimental value. It’s often helpful to ask yourself if each item will have a place or a purpose in your new home.”

He also suggests involving family members in the process. “If you’re downsizing from a family home, consider passing on cherished items to your children or other relatives. This way, those items can continue to be part of your family’s story, even if they’re not in your new space.”

Be Realistic About Space

“Downsizing in New York City often means moving into a significantly smaller space, so it’s important to be realistic about how much space you’ll actually need and use,” Michael cautions. “Consider the size of your current living areas and how much time you spend in each. This can give you a better idea of what size apartment will suit your needs.”

Michael recommends focusing on multifunctional spaces and furniture that can serve more than one purpose. “For example, a pull-out sofa can double as a guest bed, and a dining table with storage can serve as both a place to eat and a spot to store dishes. Maximizing functionality will help you make the most of a smaller space.”

He also encourages clients to embrace minimalism. “Downsizing is a great opportunity to simplify your life. By choosing to live with less, you can create a home that feels more open, organized, and peaceful.”

Choose the Right Neighborhood

“When downsizing in New York City, the neighborhood you choose is just as important as the apartment itself,” Michael emphasizes. “Your new neighborhood should align with your lifestyle goals and offer the amenities and conveniences that are important to you.”

Michael suggests considering factors such as proximity to public transportation, access to cultural attractions, and availability of services like grocery stores and pharmacies. “For retirees or those looking to reduce their commute, being close to everyday necessities can greatly enhance your quality of life.”

He also advises clients to spend time exploring different neighborhoods before making a decision. “Walk around, visit local cafes and shops, and get a feel for the community. The right neighborhood should feel like home, even before you move in.”

Work with an Experienced Real Estate Agent

“Downsizing is a significant transition, and working with an experienced real estate agent can make the process much smoother,” Michael says. “A knowledgeable agent can help you find properties that fit your criteria, guide you through the sale of your current home, and assist with the logistics of your move.”

Michael highlights the importance of choosing an agent who understands the specific needs of downsizers. “Your agent should be able to provide insights into neighborhoods that are suitable for downsizing, recommend properties that offer the right balance of space and amenities, and help you navigate the complexities of the NYC market.”

He also advises discussing your goals and expectations with your agent upfront. “Be clear about what you’re looking for in a new home and what you want to achieve with your downsizing. This will help your agent tailor their search to meet your needs.”

Plan for the Financial Aspects

“Downsizing can be a financially savvy move, but it’s important to plan carefully to maximize your financial benefits,” Michael advises. “Start by understanding the value of your current home and how much you can expect to net from its sale. This will give you a clear picture of your budget for your new home.”

Michael also suggests considering the costs associated with the move itself, including moving expenses, potential renovations in your new home, and any fees associated with the sale and purchase of properties. “It’s important to factor in all costs to ensure that downsizing will be financially beneficial in the long run.”

He recommends consulting with a financial advisor if necessary. “A financial advisor can help you plan for the future, especially if you’re downsizing as part of your retirement strategy. They can assist with budgeting, investment planning, and ensuring that your new home aligns with your long-term financial goals.”

Take Your Time

“Downsizing is a significant life change, and it’s important not to rush the process,” Michael emphasizes. “Take the time to find the right home that meets your needs and feels right for you. This is a decision that will impact your lifestyle for years to come, so it’s worth getting it right.”

Michael encourages clients to view multiple properties and explore different neighborhoods before making a decision. “The perfect downsized home is out there, but it may take time to find. Patience and careful consideration are key to making a successful transition.”

Conclusion: Embrace the Next Chapter

Downsizing in New York City is more than just moving to a smaller space—it’s about embracing a new chapter in life. With the right approach, downsizing can lead to a simpler, more fulfilling lifestyle that offers greater freedom and flexibility.

Michael Makowenskyj’s advice provides a comprehensive guide to making the downsizing process as smooth and rewarding as possible. By starting with a clear vision, decluttering with intention, choosing the right neighborhood, and working with an experienced real estate agent, you can navigate the challenges of downsizing with confidence and ease.

“Downsizing is an opportunity to focus on what truly matters,” Michael Makowenskyj concludes. “It’s a chance to create a home that reflects your current needs and aspirations, and to enjoy a lifestyle that brings you joy and satisfaction in this next phase of life.”