Growing up, landing a high-paying job, and buying a big home is the dream for many people in the country. What many people don’t realize, however, is how beneficial living in a smaller space can be. Owning and residing in a large house has a long list of pros, but it also has a long list of cons.
These days, if you’re in a big house with a lot of unfilled rooms, have you considered downsizing? Living more simply with less space can transform your life, and for the better. Today, we wanted to go over a list of the pros and the cons that can come alongside your choice to downsize.
Because whether or not this move is good for you is your decision and it helps to have all the facts.
5x Pros of Downsizing
1. More Location Flexibility
When you decide to ditch your big home and move into something smaller and more manageable, you’re opening the doors of opportunity to move to a better location. It’s easier to find a smaller space in a cool location than it is to find a larger one.
While some people are totally content in the area or neighborhood they are in, others are open to exploring their options. To some, downsizing means being able to move closer to the things they enjoy. This could be a beach, a ski area, or even just closer to downtown. The possibilities that come alongside downsizing are plenty!
2. Lower Energy Bills
With less overall space and fewer rooms, the money that you spend every year on energy and utilities is going to be significantly lower. By downsizing, you’re not going to need to heat up, cool down, or light up as many rooms on a day-to-day basis. When you have lower utility bills, you can use your new savings towards the things you actually enjoy.
3. Lower Taxes and Mortgage Payments
Assuming you’re not moving too far from where you’re currently living, moving into a smaller house is going to mean lower taxes and a lower monthly mortgage payment. Smaller homes, unless located in a more expensive area, are going to generally be less expensive. This also means more money in your pocket that can be used for more important things. Spending too much money every month on your home can get exhausting, and if you don’t need the space, then what’s the point?
4. Less Effort to Keep House Maintained
Not only is a larger home much more expensive to own and to keep up with, it’s also much harder to maintain. If you’re nearing retirement, the last thing you want to be doing is taking care of a home that’s too big for you. Larger homes have more space, which means more places to clean and update on the regular. Unless you have people who are living with you and who use the additional rooms in the house, it might not be worth the time and the effort needed to keep your home clean and up to date. Instead, spend the additional time and resources you’d spend on your house doing things that make you happy.
5. Better for When You Travel
If you plan on going on a lot of trips, it’s easier to leave a small home or apartment vacant for a few days or weeks than it is to leave a larger one. When you leave a large house behind for a vacation, you need to complete a longer and more comprehensive safety checklist than if you were to leave a smaller spot behind. As you reach your older years, you might want to spend as much time traveling and enjoying life as possible. Downsizing into a smaller, more manageable home will give you the opportunity to do that.
3x Cons of Downsizing
Downsizing also comes with a list of cons. After all, you are moving into a potentially much smaller space. If you’re someone with a lot of belongings, you’ll want to consider any of the downsides that come with downsizing.
1. Less Storage Space
For one, you’re not going to have as much space for storage in a smaller home as you would in a bigger home. Consider this when you choose to downsize.
If you have a lot of belongings, whether they be clothes, appliances, outdoor gear, and tools, you’ll want to weigh the benefits of also having to give up some of these items if you choose to move.
However, note that this isn’t necessarily a bad thing. We tend to collect a lot of items in our lifetime, but most of them aren’t necessary. Downsizing could give you the opportunity to get rid of a lot of clutter, which will mean less time spent cleaning and organizing.
2. Less Privacy
Fewer rooms in the house mean less space for yourself. One of the best things about a larger house is more room for privacy.
If you’re moving into a space with one or more people, you’re likely going to have to share more of your personal space than you did when living in a big house. This could be uncomfortable for some people who have their own bathrooms or other spaces.
However, this doesn’t need to be an end-all-be-all. You can choose a smaller home with more privacy options, like extra bathrooms or even a comfortable outdoor space.
Have open conversations with your household about any concerns.
3. Not Enough Space for Guests
Having a bigger home means having more space for guests, like friends and family who are in to visit. Moving into a cozier home means that your pad won’t be as comfortable for people who come and stay with you. While to some people this might feel like a major downside, for others it could mean the opportunity to decline to have guests over for extended periods of time.
Downsizing isn’t for everyone, but as you age, consider all of the benefits that could come alongside it. If you do decide to make the jump, learn how to buy and sell a house at the same time and work with real estate agents who have your goals in mind. The move might be a time-consuming one, but the simplicity that comes alongside downsizing is worth the effort!
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