The Pros and Cons Of Downsizing
Moving to cozier quarters may sound like a dream for some people but give chills to others. Is moving to a smaller home the right decision for you? Let’s find out. Carry on reading to learn about the pros and cons of downsizing.
Pros of downsizing your home
It’s a chance to find a nicer location
The first pro of downsizing is that you’ll finally have a chance to move to that perfect neighborhood you’ve always dreamed about. For most people, priorities change over time. As you get older, you may have different needs than you did when you bought a house. Perhaps you chose the location because it was proximate to a nice school. But, once your children grew up, there’s not much keeping you happy in your current neighborhood. Or maybe you chose a location because it’s close to work but once you retired, your location isn’t limited by your commute and you’re free to move wherever you like. You may want to be closer to your family, have easy access to downtown, or be near your favorite amenities – whatever the reason may be, moving into a smaller home will allow you to find a new neighborhood that fits your needs better.
Less upkeep
If you live in a big house, you know how much work it takes to keep everything up and running. There is always something to update, renovate, clean, repair – it may frequently feel like it’s taking too much effort just to keep the house in shape. On the other hand, downsizing your home usually means less upkeep which is always a good thing. When your space is smaller, you spend less time on maintaining and cleaning, you have fewer household chores and you have more time to do other things. A small living room can be sorted in minutes so you won’t have to worry about spending your whole weekend cleaning your living spaces. Plus, your space will feel cozier and you won’t have to trouble yourself thinking about what all of those empty rooms serve for.
Financial benefits
This may be the biggest draw of moving into a smaller home since the budget is often the most important aspect of decision-making. When you buy a smaller home, you will probably benefit financially and you can use the money for different things – for example, you may pay off your mortgage and use the money on much nicer things, like traveling, learning new things, using those savings to fund your retirement, redecorate your new home, etc. There is another pro regarding a budget – less square footage also means cheaper utility bills so you’ll save money – from your energy and gas bills to maintenance expenses, you’ll spend less money on keeping your household maintained. But that’s not all – you can benefit financially in another way when you choose to downsize. Here is how − once you separate all the unnecessary items, you can sell them and make some extra cash.
A yard sale is always a fun event to have so if you’re up for getting a little bit of extra financial boost before you downsize, go ahead and start preparing your items for a sale. On the other hand, if you’re not a fan of lots of people browsing your front yard or you’re concerned about social distancing because of the COVID-a9 pandemic, you can also post your things for sale online. There are so many websites and online platforms that let you post your things for sale so check out Facebook Marketplace, eBay, Craigslist, etc.
Creative organization
The smaller your home the better you become at organizing, there’s just no way around it since you’ll spontaneously become a pro at keeping your things sorted. Moving to a house with less square footage is also likely to force you to declutter and keep only those items you truly like or find useful. When you have a big house, you’re bound to have so much clutter occupying a great deal of space without actually serving any purpose so the pro of downsizing is that you’ll finally get rid of anything you don’t use.
Coziness
Most people want their homes to be an oasis of peace and comfort and the good news is that smaller spaces tend to be warmer and cozier compared to large spaces that can seem cold and uninviting. By downsizing, you can get a more intimate atmosphere and create an intimate surrounding for family gatherings or simply for everyday relaxation.
Cons of downsizing your home
Fewer spaces
While coziness is certainly something to look forward to, there is also a downside to it. If you’re one of those people who invest lots of time and effort into making their home entertainment destination, then you may like to host parties, gatherings, and various events. Perhaps you also like to invest in some nice dinnerware, décor, furniture and make your space fit to accommodate lots of people. If you choose to downsize, this may somewhat impact those social gatherings you cherish because you won’t have that much space to accommodate larger crowds, at least not in a way you might be used to.
Adapting to change
This is something you shouldn’t overlook – you will need some time adjusting to your new, downsized lifestyle. Getting rid of some of your possessions may be harder than you think and smaller space may feel cramped compared to your previous large home. Thinking about all the benefits of a smaller home may help you adjust to change faster and easier but it is something to have on mind when deciding whether it’s the right thing to do.
The cost of moving
The last con of downsizing is that there are the actual costs of moving. From packing supplies to rental trucks and professional moving services, there’s a lot to factor in. Besides moving expenses, you’ll also have to think about the process of putting your house on the market, so real estate commission and other fees should also be considered.
