Downsizing used to be something only empty nesters and retirees would think about later in life when maintaining the large family home just isn’t practical or affordable anymore.
We feel however that downsizing isn’t exclusively something you should consider once you reach retirement age and that it is a sensible option for a wide cross section of society for many reasons.
29 Young Street, Albert Park, VIC
Here are ten reasons moving to a smaller home makes sense:
- Smaller mortgage repayments and less financial stress. Assuming you’re staying in the same area a smaller home should mean smaller mortgage repayments. You can check the prices of smaller homes on Homely and see how much you could potentially reduce your mortgage by if you downsize. If you’re fortunate enough to be at a stage in your life where you’ve built up sizable equity in your home you may be able to cash in by selling and buying a smaller home with a smaller mortgage or even end up mortgage free.
- Less time cleaning and maintaining your home. Moving to a smaller home also means less housework, less odd jobs and a smaller garden to maintain (so you can ditch the lawnmower and leaf blower) giving you more time to do what you want to do, not what you have to do.
- Cheaper utilities. Think of how much you will save on your monthly bills. It simply costs less in terms of electricity, gas and water to run and power a smaller home.
- A clean slate and chance to de-clutter. Downsizing forces you to consider all your possessions carefully and simplify the amount of things you keep. It can be very cathartic to start fresh and get rid of all the stuff that’s weighing you down. You could try holding a garage sale, selling things online or donating the stuff you don’t use or need anymore to charity before moving.
- Goodbye impulse purchases. Hello savings. As space is limited in a smaller house you’ll have to start weighing up whether you really need that new side table or pair of boots if you simply don’t have the room for them. Think of the money you’ll save if you have to carefully plan every item you buy and know where something can fit in, where you have to get rid of something old to make space for the new.
- A better lifestyle. If you’re moving to a smaller dwelling there may be a better chance you’ll be able afford to buy in an area where you can live closer to the lifestyle amenities, like galleries, golf courses, public transport, theatres, shops and restaurants, that you want to enjoy in your leisure time.
- New home, fresh décor. Moving to a smaller home means you have the opportunity to renovate and put your own personal style into a whole new space. If interior design is up your alley you will have fun choosing your own paint colours, new furnishings and quality materials to go into your new home’s décor. Another plus is that you’ll save a lot on materials when renovating and remodelling a smaller dwelling compared to making over a larger house.
- Social advantages. If you move to a different neighbourhood or town you will have a whole new pool of neighbours and new friends to get to know. Alternatively you may choose to move to a specific area in order to live and grow closer to your existing friends and family.
- Encourages family time and bonding. A smaller home can lead to a more social environment and shared time amongst family members. In smaller living quarters you’ll be seeing a lot of each other as you share living areas whenever you’re at home together.
- Easier to sell. When the time comes to move on again, having a smaller modest house will appeal to a wider market and therefore be easier and faster to sell than your typical McMansion.
We hope these reasons have helped you to consider whether downsizing may or may not be right for you. Are there any other advantages you find living in a smaller house provides? Please share them in our comments section below.
Happy house hunting!
From the Homely team