Many of us grow up believing that bigger is better when it comes to owning a home. The idea of moving to a smaller home might feel like a backward step, but it can actually have great advantages, in some cases allowing you to live more luxuriously. Here are just a few reasons to consider downsizing.
You can help fund your retirement
As you get older, you may be starting to think about a retirement plan. Selling your big expensive home to move into a smaller more affordable home could be a great way of funding your retirement. You’ll be able to pay off your mortgage and make a profit on your home – possibly tens of thousands. This could be money to live off in your retirement.
Downsizing is also likely to reduce your utility bills, plus you won’t be paying a mortgage as you’ll be able to buy the property outright, so you’ll be spending a lot less too.
You can help fund any other dreams you have
The profit made from downsizing doesn’t have to be a retirement fund – in fact, you could use it for many purposes. It could allow you to afford a luxury wedding or to go traveling around the world or even put a deposit on a second home! You could even downsize as a means of saving up for a down payment on a giant house in the future.
It’s an opportunity to declutter
Downsizing forces you to live in a smaller environment. If you’ve got an unhealthy hoarding habit, it could give you a reason to cut back on your possessions and live more minimally. You could make a lot of money selling these items and you’ll feel calmer without the clutter around you.
Of course, you don’t have to sell all your possessions when downsizing. With the help of a great moving company in the area, you might be able to move your excess belongings into storage. If you ever do decide to upsize in the future, you’ll be able to take these belongings back.
It will be easier to clean and maintain
Big homes can be a huge chore to clean and maintain. Moving to a smaller home could make cleaning and maintenance a lot easier. This could be beneficial for those that don’t have much free time (or those that simply detest housework!).
It may make practical sense
Downsizing could make practical sense in a lot of situations. If your kids have moved out, you may not need all the space you once required. A small house might feel cozier than a big empty home. Similarly, if you’ve developed mobility issues, getting around a big house might be too much hard work. A smaller single-story home could allow you to get things done more quickly and put less pressure on your body.