Thinking About Trading Down in Home Size?
Monday Jul 23rd, 2018Share
Moving into a smaller home may feel like a step down, but a closer look reveals quite a few upsides: saving money, saving time and having less clutter in your life.
Advantages of Home Downsizing:
- Increased Cash Flow. If you're spending less on your mortgage payment, you are likely to have money left over 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.
- More Time. Fewer rooms and smaller spaces cut down on the time expended to clean and maintain. Smaller homes can reduce the time spent on household tasks, leaving more hours in the day to do something else more enjoyable.
- Lower Utility Bills. It costs a lot less to heat and 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.
- Minimized 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.
Smaller mortgage payments and spending less time dusting those spare rooms may sound like a dream come true, but is downsizing really the right move for you?
Disadvantages to Home Downsizing:
- Fewer Belongings. Moving to a smaller home would probably result in selling, giving away or throwing out furniture, books, kitchen supplies and emptying out the garage, basement, and attic. Some people form emotional attachments to stuff and can't part with any of it.
- No Room For Guests. Hosting a huge holiday dinner might be out of the question in a smaller home. Out-of-town guests might need to stay at a hotel when they come to visit.
- Space Restrictions. Some homeowners report feeling cramped because there is less space in which to maneuver. It's hard to get away from other family members and enjoy private, quiet time because there are fewer rooms to escape to when needed.
- Lifestyle Changes. Especially for long-term homeowners, trading down means changing a lifestyle, and some people are resistant to change. There is a certain comfort level obtained by staying with what is familiar
Call today to get a free, no obligation Home Evaluation to see if Downsizing is right for you!