There are several different reasons why people downsize to smaller homes. Maybe the kids have grown up and you found yourself to be an empty nester. Then again, you could be fed up with maintaining a big yard and having to pay expensive monthly utility bills. Nonetheless, moving to a smaller home does indeed come with its own set of wonderful benefits.
Just think about how much of your time, money, and energy were put into maintaining a large home… By moving into a smaller home, you can put your focus on the more important things in life, like your family, your job, and things you enjoy doing.
In addition to that, downsizing will help you better meet any financial goals you may have, whether it’s saving for that grand vacation or retiring early. According to Reader’s Digest, maintaining a large property, reducing daily living costs, and funding retirement are the top three reasons people make the decision to downsize.
If you’re still “on the fence” about downsizing, here are a few factors to consider that will help you make a more informed decision. These considerations are especially helpful when you need to downsize quickly.
Considerations to Think About When Downsizing
Proximity
Whether you’re moving across town or to a new city, it’s important to think about your proximity to family, friends, doctors, shopping, etc. If your old home was less than five minutes away from your friends, how far will you be from them in the smaller home you’re looking at? If your old home was 10 minutes away from your job, will you be willing to endure a potentially longer commute from your smaller home?
In downsizing, your proximities to familiarity and convenience play a much bigger role in your life than you might have initially thought. So really do your research on smaller homes and their distances to the places you’re accustomed to visiting and compare to your current distances.
Lifestyle Changes
Moving into a smaller home will indeed bring about some lifestyle changes. Some of these changes are more palatable than others but nonetheless, it will take some adjustments. Will this smaller living space cause you to have to give up yoga that you used to enjoy doing in your bonus room? Or will you be able to create a space in a smaller home to do that?
You also have to consider this change from a social perspective as well. Maybe you’re someone who enjoys entertaining for friends and family. Moving into a smaller space might limit the number of people who can visit you without feeling too cramped. If your smaller space requires you to give up hosting friends and family for various occasions, you may have to reconsider.
Finances
The cost to live in your smaller home is a major consideration to think about. Typically, the smaller the home, the less expensive it is, but that’s not always the case. Sometimes smaller homes have the latest upgrades and finishes, and that can make them just as expensive as a larger home.
But on the plus side of smaller homes, it does often mean that your utility bill can be lower simply because you won’t need as many lights on and it won’t take nearly as much energy to heat or cool smaller homes as it does larger homes.
Plus, moving gives you that unique opportunity to transfer your electric services to your new home, and that also gives you the opportunity to compare electric rates to lower your electric bill even more!
Duration
This is where you’re going to have to really think about your future. If you’re going to downsize, how long do you plan to live in your smaller home? If your smaller home is going to be your “forever home,” then you also have to consider if it’s equipped and suitable for you to grow old in. Does it have stairs? Does it have a yard to maintain?
If downsizing is only meant for temporary reasons, you’ll want to make sure the house you choose isn’t going to eat through any savings you may need for the home you really want. In short, downsizing is supposed to financially benefit you, and if it doesn’t, it may not be worth your while.
We hope you found this blog post on Considerations When Downsizing to a Smaller Home useful. Be sure to check out our post on Moving Into A Smaller Home – Guide and Tips for more great tips!
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