Advantages of Downsizing
We live in a world where the common belief is “bigger is better”. The general standard of better living is living in a house with tons of rooms and plenty of space. However, more and more homeowners are now looking at downsizing as a great option for them. Now, the idea is no longer “bigger is better”; it is now “less is more”. Downsizing simple refers to the process of buying a home that is smaller than what you currently own. There are a number of benefits to downsizing. In this article, we discuss those benefits to help you decide if it’s the right time for you to downsize.
1. Cash Flow
The notion that “bigger is better” more or less stems from the fact that a bigger house costs a lot more. It would cost a lot more to purchase and is more expensive to maintain. All maintenance costs, taxes, and monthly utilities can really put a dent in your bank account. Downsizing to a smaller home means that you’ll spend a lot less not only on maintaining the home but will also pay less mortgage. Furthermore, if you’re able to sell your current home at a considerably good price, you will have more than enough cash flow to purchase your next home. And on top of that, will have leftover money that you can use for other things.
Maintaining a large home isn’t only more costly, it is also more time-consuming. Regardless if you have a housekeeper, it will still take a lot of work to maintain your home. Sure, it can really be exciting to own a huge home. You can easily have guests over for dinner parties or entertain relatives who visited from the other side of the country. Or maybe just a few extra rooms for when your family visits over the holidays. But the harsh reality is, the more rooms and spaces you have in your home, the harder it is to maintain. In fact, this is one of the leading reasons why most homeowners chose to downsize. Maintaining a big home can really be a lot of work and can be too difficult for most.
3. Utilities and Consumption
As mentioned earlier, having a smaller home can be more cost-effective. The leading reason for this is that you’ll have lower utility bills. The smaller the more, the lesser the appliances. Over the winter, you’ll have less space that needs heating. The same goes for the summer. You’ll have smaller spaces to cool. Moreover, the smaller the home, the less consumption you’ll likely have. This simply means that when you’re buying food, clothes, or even interior decorations, the less you’ll likely buy. The reason behind this is that you will eventually encounter the problem of where to store or place those items should you buy them. Remember, less is more.
Another primary reason a lot of homeowners downsize is that they are retiring. The older homeowners get, the riskier it is for them as well to stay in a larger home. Not only is it harder to maintain, but it is also more dangerous. Having a smaller home means that you can monitor and maintain it easily. You also won’t have to deal with three plights of stairs or having to walk far to get from one place to the other.
5. Mental Health
The logic behind this benefit is simple, take all of the first four advantages and this will be the result. When you have a better cash flow, you won’t have to worry that much about your financials. It can be easier for you to pay your monthly mortgage as well as pay for your home’s maintenance. You’ll have lower monthly utility bills and spend less on consumer goods. On top of that, you’ll have more time to relax and do other productive things that you enjoy instead of spending that time cleaning your home. Lastly, you wouldn’t have to worry as much about ensuring that your home is a safe place for you and your family.
These are only a few of the many benefits of downsizing. Admittedly, downsizing is not for everyone. However, if you’re finding yourself thinking about it, then we hope this article has helped you make a more informed decision.