For all their benefits, large houses can be a struggle. From maintenance and mortgage to cleaning and decorating, there are plenty of reasons why downsizing strikes homeowners the world over as a tempting option. It is no wonder that downsizing your living arrangements has become a popular topic in recent years. Despite how daunting it may appear, downsizing can actually be a very beneficial process. There are many financial benefits to downsizing your home such as reduced expenses and increased cash flow. Pair those with other lifestyle benefits like freedom and flexibility, and the argument for downsizing becomes more prominent. Keep reading to find out some of the benefits of downsizing your home.
What is downsizing?
Downsizing is when you buy a smaller home than the one you currently have. You might be considering taking this step for a variety of reasons – it could be to boost your finances, reduce your expenses, help you pay for care, or to move into a more suitable home or a better location. Whatever your motivation, downsizing can offer so many benefits.
The benefits of downsizing your home
Downsizing can be a tough decision, but there are also distinct benefits to help make the move worthwhile.
First and most important: eliminating or reducing your mortgage is an important financial goal for retirement. Dealing with a lower mortgage will immediately relax your finances. You will likely benefit from an increased cash flow, opening up more room in your budget for other things. A mortgage that is easier on the pocket is also easier on the mind.
Reduced ongoing expenses
It is important to understand that the cost of your house is not just the amount you pay on the mortgage each month. Maintenance and utilities on a large house can add hundreds or thousands of dollars to your monthly expenses. Since a smaller home incurs less living costs, you can expect to see your monthly outgoings decrease when you downsize. Furthermore, if you move to an area with lower council tax you can further reduce monthly living costs.
Less maintenance and cleaning
Perhaps one of the biggest inconveniences associated with a large home is the amount of cleaning and tidying required to keep your home looking presentable. With fewer rooms and less space, a smaller home will take less time to clean in its entirety. When it’s easier to keep on top of cleaning, you can dedicate more time to activities you enjoy and remain stress-free knowing that there isn’t a big house to clean at the end of the day.
Moving to a smaller home allows you to declutter. Downsizing is a terrific motivator for simplifying your life and getting rid of things you don’t need or value. As we age, we accumulate pieces of furniture and sentimental belongings. By moving to a home that will not be able to accommodate these possessions. Don’t think of it as parting with memories. Think of it as moving into a new phase of your life, one that is less stressful and more relaxing or fun.
Although usually not the focus of downsizing, one of the positive side-effects is a simpler lifestyle free of stress and mundane tasks. Moving into a smaller home or a townhouse eliminates a lot of tasks that can keep you from doing the things you dream about. When you downsize and simplify, you can be more focused on goals and spend more time doing things that are important to you.