7 Key Benefits of Downsizing
Jan 22, 2021 | Ed Vasterra
If you’re considering trading in your large home for a smaller one, there are many advantages to living a cozier life. Let’s take a look at several benefits of downsizing you may not have thought about.
#1 Increased Capital
Starting with one of the most important benefits of downsizing, when you sell a larger home for a smaller one, you’ll likely have money to spare which can be used to pay off debts or invest in your future. With a smaller home, you’re also likely to have a smaller monthly mortgage payment, so you can enjoy the savings and use them toward something important to you.
#2 Reduced Costs
When you downsize, you can reduce your utility costs and living expenses by living in a smaller home. Not only is there less house to maintain, but you’re also saving energy to power and heat a smaller home. Reduced square footage equals a reduction in energy costs, which not only improves your carbon footprint, but means serious savings for you.
#3 More Manageable Home
Another of the benefits of downsizing to a smaller home is more time for you. Smaller homes require less upkeep, which means less time stressing about when you’re going to do chores, and less time doing chores when you get around to them. When you have less to take care of, you have more time to do other things that are more important to you — time to pick up that new hobby, spend time with your family, or get out and see more of the world.
#4 More Opportunity to Travel
A larger home ties you down with upkeep, security concerns, and general stress. When you downsize, it frees up your time and energy for other pursuits, like traveling. In a smaller home, you can spend less time worrying about housework and take that road trip you’ve been dreaming about.
#5 A Happier Family
Downsizing can lead to a happier family dynamic. Living in close quarters encourages the family to spend more time together in communal spaces like the living room and kitchen. Rather than withdrawing to their own corners of a large house, family members are forced to spend time together — for the better. Although it can take a little adjusting at first, one of the major benefits of downsizing is a focus on gathering the family to eat, chat, and enjoy one another’s company.
#6 Effective Budgeting
Did you know that one of the benefits of downsizing is that it can help you stick to a budget? If your resolution is to keep your spending in check, downsizing can help you do just that. With a smaller home, you will enjoy reduced monthly expenses including a more manageable mortgage payment, and lower utilities. Also, since you don’t have extra space to fill with furniture and things, you’re less likely to spend the money on things you don’t need, and more likely to get creative with storage and multipurpose items.
#7 Something New
Downsizing is a great way to start the next chapter of your life and try something new. Whether your kids have grown and moved out of the family home, you’ve just gone through a divorce, or you’re just ready for a new adventure, you can start your new life in a smaller home and embrace the benefits of downsizing.
Thinking about downsizing, but stressed about the prospect of preparing a home for sale? Downsize without the hassle — talk to the team at Hometown Development about your options for a simple, fast home sale.