Most of us are focused on the idea that bigger is better when it comes to houses. However, there can sometimes be financial and practical advantages to going against the grain and moving to a smaller home. Here are just a few ways in which downsizing could the solution to your problems.
It can be a great way of escaping debts
Smaller properties cost less to live in. Not only could you be reducing your rent/mortgage rates, you could be paying less in energy bills as you’ll have less space to heat up and light up. This can be a great way of getting yourself out of debt. It could even allow you to live mortgage-free in some cases. Even if you’re financially coping and you just want more disposable income each week, downsizing could allow you this.
It can be a good retirement plan
Downsizing can be an effective retirement strategy. By selling your home for a smaller and cheaper one, you could make a large amount of money – money which could be used to help fund your retirement. It could be money put towards weekly spending or you could spend all at once on travelling the world.
It could be a way of saving up money to upsize
You could downsize as a temporary way of saving up for a bigger property. With less bills to pay, you might be able to put more money aside for a down payment on a bigger place. Any possessions that can’t fit into this smaller home could be put into storage in the meantime – by searching for fantastic storage units near me you should be able to find something nearby. Storage prices vary but are usually fairly cheap.
It could be practical if you no longer need the space
Those with growing families are unlikely to want to downsize. However, if the kids are starting to move out or you’re no longer with your partner, you may no longer need all the space in your home and somewhere smaller could feel cosier and more suited. Another possible reason for needing less space could be if one of your family has developed mobility issues – moving from a two-storey property to a smaller bungalow could be easier for getting around.
Your home will require less upkeep
Smaller homes are also easier to keep clean and tidy. There won’t be as much floor to vacuum or as many skirting boards to dust or even as much lawn to mow. If you don’t have much free time to maintain the house and you find that it’s become a real chore, moving to a smaller place could free up this burden. Moving to a smaller home could even give you a motive to declutter your home if you feel you’ve got too much stuff. A smaller home could force to part with some of these possessions, as you physically won’t have the room for them.