Once the kids have grown up and moved on, you don't need all the space in your home anymore. Considering the idea of downsizing your home is a natural next step, but you might worry that moving into a smaller home could feel too cramped. Don't stress. Once you learn all of the advantages of downsizing, you’ll see that it's the right move.
Reduced Costs
Perhaps the biggest advantage to downsizing is the cost savings. In most cases, your mortgage will be far less than what you're paying now, especially if you have a lot of equity built up in your current home. Some people are even able to purchase their new home outright using the equity.
If that’s the case for you, you’ll only need to worry about property taxes and homeowners insurance. In addition to the mortgage savings, you'll be able to save on energy costs because a home with less space is easier to heat in the winter and cool in the summer.
More Free Time
More Free TimeIt’s surprising how much time you can spend cleaning and maintaining a large home. In a big kitchen, there’s more counter space to wipe down and more floor space to mop. Carpeting in a large living room can take a long time to vacuum. Even the rooms that you don’t regularly use need occasional dusting and vacuuming.
After downsizing, you’ll spend much less time cleaning the house. You’ll only have two bathrooms to clean instead of four. Mowing the lawn might take only 20 minutes instead of an hour. Those who downsize while still working often feel like they’ve gotten their weekends back because they no longer have to spend that free time taking care of the home. If you’re retired, you’ll be able to use that extra time to volunteer or pick up a new hobby. Your life becomes a lot more freeing with a home that let's you enjoy more of the things you love.
Purging Your Stuff
People who downsize generally have to get rid of a lot of their possessions. This can be quite intimidating, but most of the people who have been through the process will tell you that it’s freeing to let go of this stuff. You’ll ditch clothes that don’t fit, furniture that’s looking a bit ragged, and the boxes of paperwork you’ve been keeping in the attic.
If things are in good condition, you can donate them to a family in need or a charity that will raise money by selling your unwanted items. When you move into your new home, it will be free from the clutter that’s currently overtaking your life.
Cozy Living
A large home can feel cavernous with just one or two people still living in it. Once you downsize, you’ll appreciate the closeness. You won’t feel so lonely, and it will be easy to talk to your spouse in the next room.
You'll also have plenty of options in terms of choosing between city and suburban living, so you have control over your surroundings. You may prefer to live in close quarters with your neighbours, or seek a more private area that feels like a retreat.
Environmental Benefits
Those who downsize tend to consume less. You’ll use less energy and will resist the temptation to buy things you don't really need. If you’re building a brand new home, the environmental benefits are even greater because you’re able to take advantage of the latest energy-saving technology.
You Can Still Entertain
You Can Still EntertainDownsizing doesn’t mean that you won’t be able to have people over. You can have a comfortable master suite for yourself, and two guest rooms for when your kids or grandkids come to visit. A nice, open living room or large patio in the back gives you all the space you need for a barbecue or cocktail party. People who downsize aren’t usually trading in their 3,000 square foot homes for 600 square foot “tiny homes.” They’re usually moving into a home with around 1,500 square feet. That’s ample space for entertaining.
Long-Term Practicality
Choosing a home to downsize to will likely remain to be your home as you age. Whether you've decided on a condo, or perhaps a bungalow style home, you'll appreciate the little things that make living there so much more convenient. Condo living is extremely low-maintenance with yard work taken care of, while bungalows offer a little more space with the same amount of accessibility. In either case, a huge bonus is you won't have storeys of stairs to climb.
Homes with less than 1,800 square feet tend to appeal to a broad range of people. They work well for retired couples and those looking for a “starter home.” Their affordability is especially attractive to all types of people. This means that the home you purchase when you downsize is likely to retain its value throughout the years. That’s a big comfort if you ever do have to sell it.
Downsizing makes sense for a lot of couples entering their golden years, and today’s homes are surprisingly luxurious. Look into your wide variety of options and see how spacious a “small” home can feel.
