Is downsizing right for you? Here’s 6 reasons why the answer is YES!
We all love our homes and take great pride in them. We spend countless hours picking the right paint colour, crafting a beautiful garden, and picking out the perfect coffee table that ties the family room together. Sometimes, however, the house itself is just too big to maintain this perfection that homeowners pride themselves on. It is at this point that we start to wonder if downsizing would be a good option for a homeowner.
Downsizing is not a bad thing and don’t let anybody tell you otherwise! People have the tendency to believe that downsizing is only an option for a negative situation such as lack of funds. In reality, downsizing is a very smart decision for homeowners at various points in their life.
Here are 6 reasons why downsizing may be right for you!
1. Fewer people requires less space
Your children have gone off to university and while you wish they were still babies that require all your attention, they have began their journey down their own road.
They will soon be homeowners themselves and will not be moving back home again (They will still visit though! I promise!).
However, some parents simply don’t do anything with this empty space.
If this sounds like you then downsizing to a smaller home that meet your current spatial needs is a great option.
2. Lose the mortgage
In today’s market, mortgaging your home is extremely common and mortgages can last a long time. Mortgages can hang over a homeowner and cause them a lot of financial stress as they move through different stages of their life.
Luckily, there is hope of a mortgage free life!
If you have a small and recent initial mortgage or have been paying off your mortgage for a long time, you may be in a very advantageous position.
In certain situations, you may be able to sell your current home, buy a smaller home, and use the difference in price to pay off your remaining mortgage.
When it is all said and done, you have moved into a lovely new home, happy and mortgage free!
3. Save money on the bills
Here comes the mail at the beginning of the month.
and another bill!
We all pay our bills, it’s just a part of being a homeowner.
Different areas have different rates for utility consumption, leading some homeowners to pay more than their equivalent several kilometres down the highway.
However, you do not have to move across the province to have have lower bills.
Smaller homes typically consume less energy resulting in lower monthly bills.
Imagine that, being able to put more of your hard-earned money into activities with your family instead of paying bills!
While we are on the topic of savings, check out this great blog on how to save money on all your bills!
4. Cut the cord on all your junk
The garage: full. The basement: full. Every nook and cranny: full.
As a real estate agent I see this time and time again. Homes that are full from top to bottom of things that are important and some that are unimportant.
While we all like to keep hold of physical possessions that are necessary or sentimental to us, when it comes to our annual clear-out, nothing ever seems to leave.
One of the main reasons that things never seem to move is because we have the space! We make the argument ‘you never know when you’ll need this!’ or ‘well, it’s not really in the way’.
If you downsize to a new home, you can get down to brass tacks and decide what is really sentimental or regularly used and what isn’t.
For great tips on how to cut the cord check out this great post
5. Less maintenance
Some homeowners enjoy cleaning and maintaining their homes, regardless of the size.
For others, maintaining their home can be a difficult task. Perhaps, you simply don’t have the time in your busy schedule to fix every little problem in a larger home.
Home maintenance can become a stressful burden if you don’t have lots of free time.
Now imagine yourself in a smaller home.
You have less grass to mow, less carpet to vacuum, and a smaller garage to declutter. The list goes on and on.
By downsizing you can spend less time maintaining your home and more time embracing it!
6. Change in lifestyle
For some people, the home is where the heart is but it is not where they spend most of their time.
Today’s homeowners are adventurous and want to explore both Canada and the world!
As such, you may find yourself away from your home more than you are actually there.
Your home could potentially sit idle for weeks on end, collecting dust and costing you money.
It is in cases like this that I recommend moving to a smaller home. One where you can still feel the warmth of coming home from your adventures without incurring such steep financial burdens.
Interested? Contact me today!
If you are thinking of downsizing contact me today! I am here for you and happy to assist you with all of your needs.
My blog is a great start! I also invite you to navigate through the rest of my website to learn more about myself, my process, and information on buying and selling homes. You can also visit my Facebook Page to view listings of mine and stay connected.
Need a reason to buy a new home?
My previous blog post Thinking of Buying a New Home Here’s Why You Should, this Fall offers a variety of reasons why this Fall is the best time for you to buy a new home. Whether it is a downsize, a first-time buy, or an upgrade, you will find something that helps you make a smart decision!