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Should You Downsize Your Home?

Sunday, December 30th, 2018

Uttermost Living Room Connor Elm Accent Stool 24814: Decorate your tiny home with dual or multipurpose furniture such as this accent table and storage unit in one.

There are many reasons that many homeowners are now choosing to downsize their homes. According to popular finance guru and author Dave Ramsey, moving up the financial scale does not necessarily mean that you have to buy a larger home. In fact, more and more American families are choosing to downsize their home and adjusting their lifestyles.

 

Just take a careful look at the numbers – the average home comes at 2,600 square feet. This is according to the US Census Bureau. This has come a long way from the 1950s when the average size of homes is at 1,000 square feet or even less. And to think that families were way bigger then.

 

Considering the long-term effects, transitioning to a smaller home does have its benefits. Bigger is not always better especially when smaller homes become the more logical option.

 

Here are the top reasons when downsizing is the best option –

 

When You Want Increased Income

 

Just imagine monthly when you pay less on your mortgage payments. What a wonderful world it’s going to be since you’ll have increased money that’s leftover. This amount can now be allocated to your other needs. You even get to keep some savings even after buying a smaller home from the proceeds of the bigger home that you sold.

 

When You Want More Time

 

A smaller house comes with smaller rooms. This means that there are fewer rooms to clean. With fewer household tasks, you will have more time to spend with your family.

 

When You Want Lower Utility Costs

 

A smaller house has less heating or cooling necessities. Since a tiny house has literally no wasted space and zero square footage that’s unused, every nook and cranny is also utilized. Less square footage means less energy is used and where there is energy reduction, you are sure to save on money.

 

When You Don’t Want to Get Stressed

 

A smaller home means you have less responsibility. There is also a smaller workload so you become more flexible on your schedule and also your stress levels are greatly reduced if not totally eradicated.

It has been proven that homeowners who switched to smaller homes tend to become happier since they are no longer overcome by the demands of a bigger home.

 

You’re Retiring Soon

 

Retirement is one of the major changes that a person goes through in his or her life. For a lot of retirees, this means leaving their current homes – and for a good reason.

 

Moving to a downsized house is now a popular move among retirees. After all, what are they going to need their big houses for when all the kids have already gone? Taking care of a bigger house is also a huge hassle because of the maintenance and repair needs.

 

There are only two ways to go when you’re about to retire – stay put or pack up. And just like the other reasons already mentioned, being a retiree and downsizing means you get to eliminate a huge chunk of the usual mortgage.

 

Why owe money when you can significantly lower the housing cost, right?

 

Becoming a retiree also means you can sell your current home and then pick a place where the cost of living is way cheaper than what you’re already spending. You can actually move to a state that does not have Social Security tax (e.g. Alabama, Arizona, California, Florida, Georgia, Hawaii, Illinois, Iowa, Louisiana, Maine, Maryland, and many more).

 

But are there also disadvantages to downsizing?

 

The Downside

 

Moving to a smaller home may save you money in the long run but the actual move still incurs a lot of expenses. Be sure that you are prepared for this. And when you’re not truly ready, you could end up having regrets that you’ve moved to a much smaller home.

 

So when you’re downsizing, make sure that you’re mentally, emotionally, physically and financially prepared.

 

 

 

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Posted in Home Buying, Interior Design 101, Interior Design Elements | Comments Off on Should You Downsize Your Home?

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