In pursuit of the perfect home, our wants and needs change as our lives, families and priorities change. A house that might have once been your dream can wind up feeling too big, too overwhelming to maintain, or too expensive. Here’s a list of reasons why you might be ready to downsize to a smaller home.
Your kids have moved on. While some parents choose to repurpose their children’s rooms, others find they don’t need that space once their kids leave home. Downsizing gives you the freedom to choose the perfect place for a new lifestyle and new phase of life.
Money. Downsizing is a great way to cut costs. Simply put, smaller houses tend to be more affordable. It will be cheaper to heat, cool, maintain and insure a smaller house. Property taxes will likely be lower. Depending on the value of your current home, how much you owe, and the cost of your new space, you could end up debt-free.
Free time. Caring for a large home is a lot of work. Cleaning, maintenance, and caring for landscaping all require time. Taking care of a smaller home is easier, creating more time for travel and leisure.
Simpler lifestyle. Most people who downsize get rid of unwanted and unneeded items, decluttering their homes of decades worth of accumulation. With fewer possessions, life becomes more simple. With less space, you’re less likely to buy unnecessary items. Downsizing also is a great choice for folks who are environmentally conscious — smaller properties use less resources to operate.
Location. If you’re open to a smaller home, you may be able to afford your dream location. Close to the beach or a bustling downtown? Check.
What about visitors? Your children likely won’t return home to visit as often as you think. The price of paying for an occasional hotel room for guests is far less than ongoing costs of operating a large home.