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.
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.
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.
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.
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?
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.
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.
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.
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.
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