Doesn't it seem like only yesterday when you were having your first child and setting up a home for a growing family? Now, fast forward to today, and your youngest just called to say he's found the perfect home and the bed from his old room would really be handy for the second bedroom. Guess what? Your downsizing journey has officially begun.
Homeowners typically don't daydream about buying a smaller home. But minimal maintenance is definitely an upside to not living large. After all, the time and money you used to spend on cleaning and upkeep can now go toward fun things.
How do you know it's time to downsize?
Choosing less space often has to do with a desire to live simpler, whether you're retiring or just want an eco-friendly, low-maintenance lifestyle. When children grow up and move out of the family home, for example, Mom and Dad are left with an empty nest that's too big for them. Or if adult children have moved out of the area, parents may want to live closer to them and the grandchildren.
Many adults 55 and older are leaving the suburbs behind and moving into condos or lofts in downtown areas. Not only are these homes easier to maintain, but they are also in walkable neighborhoods with easy access to amenities such as culture, restaurants and nightlife.
Sometimes the choice to downsize isn't actually a choice. Some life events, such as a divorce or unemployment, are unexpected and force you to find a smaller home for financial reasons.
Smaller mortgage payments and spending less time dusting those spare rooms sounds like a dream come true, doesn't it? We've got quite a few reasons why downsizing may be the right choice for you.
More Benefits to Downsizing
Increased Cash Flow: If you're spending less on your mortgage payment, you are likely to have money leftover every month to allocate for other needs or desires. Or perhaps you could pay cash for a smaller home from the proceeds of your existing home.
Lower Utility Bills: It costs a lot less to heat/air condition a smaller home than larger. Typically, there is no wasted space such as vaults in a smaller home. Less square footage decreases the amount of energy expended. Reducing energy is better for the environment and helps to keep your home green.
Reduced Consumption: If there is no place to put it, you're much less likely to buy it. That means less money is spent on clothing, food, and consumer goods.
Less Stress: Less responsibility, smaller workload, increased cash flow and greater flexibility -- added together, they all reduce stress. Homeowners who have successfully downsized sometimes appear happier when they're no longer overwhelmed by the demands of a larger home.