8 Reasons Why Downsizing Can Be Good
Downsizing Isn’t a Four-Letter Word
In real estate, downsizing provides homeowners with a wealth of opportunities. Every year, many seniors and retirees elect to purchase a smaller property than the one they currently own. Whether you’re switching to a smaller space because fewer people live in your home, or you want a lower-maintenance home for retirement, there are plenty of upsides to downsizing. It may not necessarily be the right choice for you, but it has been good for many people.
MAKE USE OF THE EQUITY IN YOUR HOME
Downsizing is an excellent way to convert your home equity into capital that you can put towards what your family needs or wants. Perhaps a vacation home or a better retirement lifestyle. Whatever your goal, don’t forget that in some cases, swapping a 3,500 sq. ft. split-level in the suburbs for a 1,800 sq. ft. space in the heart of downtown may leave you with little financial room to spare. It’s best to assess the value of your home and any desired properties with your REALTOR® first.
TRAVEL MORE, CLEAN LESS
One key benefit that attracts homeowners to townhouses and condos is the convenience of maintenance-free living. Less space means less time spent cleaning. Sure, you’ll still have to do laundry, but to permanently cross off outdoor chores from your to-do list might be just the incentive you need to include the yard tools in the sale of your property. Plus, it may inspire you to use your new free time to start that new hobby or take a well-deserved holiday. Or two. And no one will know you’re on vacation by the state of your front yard.
ELIMINATE EMPTY ROOM SYNDROME
How many rooms does your home have? Of those, how many of them do you really use? Take a tour around your home and assess how much of the space you use regularly. If it’s 100%, stay put; if it’s 65% or less, you could be suffering from empty room syndrome. The average size of a home has almost doubled in the past 30 years, yet the average family size keeps shrinking. Having too much space creates an imbalance that costs more than just time and money. It also means there’s more stuff to organize and dust.
LOCATION, LOCATION, LOCATION
The size of your new home isn’t the only thing that matters. When you plan to scale down your square footage, consider choosing a location that brings you closer to the places you regularly go. Being closer to family, friends, work, and shops can cut back on travel time and expenses. Better still, opt for an area that takes it a step further and places everything within walking distance; your body will thank you for it.
Corporations downsize to save money – why not follow their example? A smaller space can mean reduced mortgage payments and taxes. Less square footage requires less heat, light and AC, which means you’ll spend less on energy. It all adds up to savings that can help the environment and keep some cash in your pocket.
ACCESSIBILITY AND COMFORT
Moving to a smaller home, townhouse or condo can also provide you with the benefit of reduced or stair-free living. In fact, developers are responding to the increased demand for accessible living spaces by building single-level suites and properties with residential elevators so that homebuyers can move into a space that will allow them to age gracefully and comfortably.
PEACE OF MIND
Most people have discovered that the longer downsizing is put off, the harder it gets. Savvy homebuyers start thinking about finding a smaller property long before maintenance-free living becomes a necessity. A large number of townhouse and condominium communities offer on-site features that few detached dwellings do. From fitness centres to party rooms to guest parking, you can simplify your surroundings while still enjoying the comforts of living large.
REDUCE, REUSE, REJUVENATE
The benefits of reducing your living space increases exponentially when you combine them with clearing out the clutter, opting for multipurpose furnishings and fully exploring what you want out of a home. Many downsizers who dreaded moving into a smaller home enjoy a freedom they hadn’t experienced for years. “Things” can clutter not only a home but also our minds.
While downsizing can be a daunting task, you can use it successfully to help you increase cash flow and convenience and enjoy a simpler way of living.
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