BENEFITS TO DOWNSIZING

Homeowners are realizing that “living large” doesn’t always mean bigger is better. If you are considering downsizing your home stick around because we are going to go over some of the benefits of downsizing.

 There are actually many benefits to downsizing to a smaller home. Whether the decision is voluntary or you are forced to move for job relocation or other life event, rest assured there’s a benefit to decreasing your home size. If you love saving money, energy, resources, and enjoy saving time on upkeep – then downsizing might to right for you. 

First, if you’ve been in your current home a while, it’s likely to have increased in value, and you may be near to paying off your mortgage, if not having paid it off completely. Buying a smaller, cheaper property will give you a lot of equity left over, to use for whatever you wish. It will allow you to do those hobbies and recreational activities you’ve been wanting to do. It also may mean you can buy your new home as a cash buyer, giving you more options and the ability to live mortgage free. 

Downsizing to a smaller home means less upkeep, lower bills, and more time to do the things you love. It’s an exercise in saving both money and time. If you are downsizing in later life, it means you can choose a property that will be better suited to your needs as you get older. Instead of having to contend with your stairs, limited accessibility or a huge garden requiring maintenance, you can pick a property that can work for you now and in the future. You may be saving money for frivolous living. 

A lot of people feel the need to fill the space they have with “stuff”. One of the beauties of downsizing your home is the ability to stop wasting money on furniture, electronics, appliances, and home items that are used to fill space rather than to fulfill a function. Downsizing into a smaller home will help you prioritize your life and only bring what is necessary in your home.

You will likely experience energy savings: If you have ever lived in a large home you know one of the downsides are energy costs. From heating and cooling costs to water and electrical bills it costs a lot to run a large home. In a smaller home you will enjoy a lower energy bill in the warmer and cooler months and lower utility bills throughout the year. 

Downsizing can free up your lifestyle for travel. You won’t be a slave to your yardwork, housework, and the upkeep of a larger home. If you decide to downsize traveling can be less of hassle when you need to leave your home for extended amounts of time, especially if you downsize to an apartment or condominium unit from a stand-alone house where a lot of the maintenance is taken care of for you. Oftentimes a smaller home means less stress. 

Having less home and yard to maintain and  lower monthly costs can help alleviate stress and allow you to live a more comfortable life. If you are at the stage of your life where downsizing is your next step and you would like to discuss this in more detail or if you have any other real estate related questions my team and I would be more than happy to talk with you so we can help strategize your next move.