What is a Good Reason for Downsizing Your Living Space?

March 22, 2023

In the recent past, when you heard about downsizing a home, you would instantly think about empty nesters. Many people who considered downsizing their homes were parents whose children had moved out. These days, though, more and more people are downsizing their homes. Age is no longer the only reason one may consider downsizing their home. Another good reason to downsize a home is limited finances.

Apart from the two primary reasons, we will expound on more reasons why you may choose to downsize.

Spending More on Housing

If you spend more than 30% of your monthly income on housing, you are "financially burdened." If you spend more than 50%, you are considered "severely burdened." This is according to the US National Housing Authority, established in 1937.

If your income significantly drops, consider downsizing your home to avoid too much financial strain. You can always upgrade when your financial status improves.

House Maintenance Becomes Overwhelming

Maintenance is one of the main reasons why people consider downsizing their homes. They no longer need the many kids' rooms they once had or an extensive playground, or a big gazebo.

As people age, they may have less time or energy to keep up with the demands of maintaining a bigger home. Frequent repairs, shoveling snow, and painting may be daunting and time-consuming. It's not what anyone would want for their retirement years.

Less is More

Having a smaller home indeed means having small storage areas. You might ask, "Where will all my stuff go?" Consider planning a garage sale, which means more money in the bank and less baggage.

A lot of stuff also means that you need a lot of maintenance. What if you don't have much time for maintenance? Doing away with so much also relieves stress.

More Bonding Time

How, you ask? Let me explain. Some people looking to downsize their homes still have their children at home. So why downsize? Because they mostly believe a smaller home may help them get closer to each other.

According to AEI's Mark Perry's study, most homes today are 1,000 sq feet larger than homes built in 1973. This means the current average living room in a home has doubled. If you downsize your home, your family will have to share a smaller living room and live in tighter quarters.

Naturally, a smaller home increases social interaction with family members. But how horrible could that be? Who doesn't want to spend more time with their loved ones?

A Simpler Life

The more we own, the more it owns us, including our homes. So when you downsize your home, you will likely live a simpler life with less need for more space. When you buy small, you will eventually free your mind of many things that a bigger home brings.

Money-Saving

It's evident that when you have a bigger home, you must spend more on maintaining it. Home-related costs such as warming up rooms, property taxes, insurance, and interest all increase with the size of your home.

When you have a smaller home, you'll save on heating and cooling costs, insurance, property taxes, and more. Also, if you need to repair your home, it will be much cheaper than a bigger home. For example, a smaller home would be much cheaper if you need to replace your roofing.

Less Environmental Impact

Some people looking to downsize their homes are worried about the environmental impact their bigger homes have. A smaller home generally has a smaller carbon footprint and reduces energy use.

Conclusion

People might want to downsize their homes for many reasons, which vary from person to person. Before taking the plunge and downsizing, it's essential to consider the costs involved. Moving houses involves a lot of expenses, including legal fees, estate agent fees, stamp duty, and more. These costs can eat into what you will have left after the sale.

Downsizing a home should not be a rushed decision. Take your time, carefully think about it, and plan accordingly. You should also discuss it with your family and see what they say.

Categories:  
Emiy Watson

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts
April 16, 2024
Liam Costner: The Son of Famous Actor Kevin Costner

Liam Costner, a real estate agent, has pursued his career path separate from his famous parents. Both of his parents are famous in the entertainment industry. Despite the celebrity surrounding his background, Liam selected a different professional career and entered the real estate industry. This background distinguishes Liam as someone who, although born into fame, […]

Read More
April 16, 2024
Some Essential Software Solutions That Your Business Can't Afford to Overlook

In today's digitally-driven world, software solutions have become the backbone of successful businesses. From enhancing productivity to streamlining operations, the right software can make a significant difference in your company's efficiency and bottom line. However, with the abundance of options available, choosing the right software can be overwhelming. To help navigate this landscape, here are […]

Read More
April 16, 2024
5 Keys to Creating Your Own Custom Home

Embarking on the creation of a custom home is both a venture into personal taste and architectural design and also a profound commitment to crafting a space uniquely tailored to one's life and aspirations. It involves an intricate blend of personal reflection, strategic planning, and forward-thinking. Each decision from the location to the design and […]

Read More
Welcome to Urban Splatter, the blog about eccentric luxury real estate and celebrity houses for the inquisitive fans interested in lifestyle and design. Also find the latest architecture, construction, home improvement and travel posts.
© 2022 UrbanSplatter.com, All Rights Reserved.
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram