Downsizing Houses – Is It the Best for You?
Everyone wants a bigger, nicer home, don’t they? As much as large houses are desired by homeowners, it might be a good idea to consider downsizing if you are at the right stage of your life. If your kids are moving out or you find that your current house size is too much effort to maintain, you might want to consider a downsize for your next home. Here is a list of things to consider when looking for your next home or you’re thinking about a downsize.
Less maintenance
Having a smaller home means that it takes less energy to heat and cool down, less effort to clean than a large house. Not only will this save you more money on top of having a lower house payment, but it will save you time as well. Other basic maintenance tasks, like cleaning windows, fixing the roof, painting the house, will likely be less expensive and less timely. Smaller homes will also likely have smaller property taxes and utility bills to save you money.
If you move frequently for work
If you are constantly shuffling cities every few years for work, it’s more convenient to downsize on your stuff and pick a smaller home for your next place. This makes it easier for each move – less rooms to pack up, less furniture and other belongings. Once you become more settled and are more confident in the permanence of where you want to live, then that is a good time to start looking for a larger home. Temporary homes that are unnecessarily large create more hassle for you when moving. Likewise, if you plan on moving again in the future, for whatever various reasons – work, children, etc. – it’s best for you as the homebuyer to stick with smaller homes until you’re ready to settle down for a long period of time.
Pay off your other debts faster
With a smaller house (and usually a smaller price tag), you can focus on paying off your other debts faster, saving thousands in the long run. By switching to a smaller house with 2/3s of the mortgage payment as before, you can divert that extra money to paying off your vehicles, student debt, etc. At the same time, you can divert that money to your retirement funds or other investments that will pay off greatly down the road.
Less stuff = less stress
Is less more? Many people find happiness in simplicity, and simplifying your life can start right in your home. Eliminating your stuff into only what you actually need reduces stress and can lead to a happier household. You can always start by storing what you don’t need in a storage unit, and coming back to it later to see if it’s something you want to keep around. Have a garage sale, pass on unneeded clothes and furniture to family or friends, or donate them altogether. A smaller home is a smaller mental investment, and might help settle your mind. And since a smaller home means less materials and resources, it also means that it is a greener home and has less of an environmental footprint.
Other tips to take into consideration:
-Take emotion out of the decision
-Consider location. A smaller house in a more expensive area might end up costing you more than a large house in a rural area.
– Take into account other fees with different housing options on top of rent when calculating how much money you’ll be saving