You worked so hard to own your home, it’s hard to imagine moving on—much less to a smaller abode. But while downsizing your home may involve major lifestyle changes, there are a lot of advantages to moving into a smaller space.
Downsizing remains one of the most effective ways to lower housing and energy costs.
These are just a few of the advantages:
Lower mortgage payments
Lower utility bills
Less to clean
Easier to maintain
Less yard maintenance
Families who bought five, ten, or even 15 years ago or more might find many rooms unused as their children have grown and moved out.
Large foyers are becoming a thing of the past. The formal living room is being replaced by a more flexible open plan, such as a large family room/breakfast nook/kitchen combination.
Downsizing Your Budget
For some homeowners, of course, downsizing is not a matter of choice, but of necessity. Many families are still digging out of the recession, which had an impact on home values, employment and retirement nest eggs invested in the stock market. A couple finding itself with a diminished income may simply be unable to keep up with mortgage payments and maintenance costs on a 2,800-square-foot home on a half-acre lot.
Still, the very idea of downsizing takes some getting used to—much less carrying out a downsizing plan. If you feel stuck, we can help you formulate a plan of action, appraise and sell belongings, and estimate how much money you stand to save.
Learning to Live With Less
Downsizing your home means a change in lifestyle and attitude. You may have to learn to live without a garage, that extra bathroom, and the basement storage where you tossed years’ worth of home goods, equipment and mementos. A smaller home can mean less room for guests and less opportunity for privacy.
As you consider downsizing, ask yourself these questions:
Do you feel ready to live more simply?
Are you prepared to divest yourself of resources?
How many of the things you’ve accumulated over the years do you truly treasure?
Home downsizing is really about making do with less. But some people would say that less is more. Rather than devoting your time and energy to supporting and maintaining your home, you may find yourself devoting more of your time and energy to enjoying it