Historically, downsizing homes has been seen as a negative endeavour. Downsizing is associated with financial pitfalls and other shortcomings. Though in truth, downsizing homes can be a very positive process that has little to do with financial status and much more to do with your changing lifestyle needs.
People downsize homes for several reasons. Location, age, children moving out and much more can be great reasons to invest in a smaller property. These are some of the common reasons individuals choose to downsize homes.
- Many retirees sell their home and prepare for a life of travel.
- Has your home gained value in years past? Selling your home and moving into a smaller property can offer major financial gains.
- Moving into the city can create higher living and property costs, which make a smaller home more practical.
- If you find yourself with more space than you desire, downsizing can be ideal for comfort and costs considerations.
- As people age, they look towards more maintained properties. This can lead to assisted living centres or condos rather than homes with a large yard.
- Children have moved out and homeowners need much less space.
- If property taxes or mortgage rates have become too high to manage, a smaller home can lead to a more affordable lifestyle.
Are you not sure if downsizing is the right path for you? Consider these 5 ways a smaller home can make you happier. If you have any questions or are ready to look at some listings, contact your trusted realtor today.
Fewer Maintenance Requirements
An enormous amount of time and energy can go into maintaining a large property. Seasonal decorating and yard work can represent huge projects. Cleaning for entertaining is a large process for the entire family. Even keeping your home tidy and your yard in shape can be quite difficult. With a smaller home you can spend less time cleaning and maintaining, and more time enjoying your property.
Less Stress
Smaller homes usually cost less, which makes less costly to own and result in a lower debt purchase. Lower taxes, insurance rates, heating and more can make owning a smaller home a much more enjoyable and less stressful process. Where a large home requires an average of 28% of your monthly earnings, a smaller property could only require 15%.
More Environmentally Friendly
Smaller homes require less energy to keep the lit and at desirable temperatures. Smaller homes also require fewer materials to construct. It is also a lot easier to improve the energy efficiency in smaller homes with minor, lighting, roofing and insulation upgrades. Many newer built smaller homes even have energy efficient appliances and solar initiatives built into the semi-attached or cosy design.
More Cosy
Smaller homes encourage social interaction and bonding, where a larger home allows roommates and or family members to hide away in various parts of the property. When moving into a smaller home, many people are forced to sell or otherwise get rid of several belongings. This can result in less stress and temptation to maintain these items as well as purchase more and new items.
Easier To Sell
Where the large and or luxury home market is quite small, there will always be a larger market for smaller, unique and affordable housing. Simply by definition, your more affordable home will appeal to more individuals than a more expensive property.