The reality of today's expensive housing market is that while many new buyers can't afford the home they want, there are also a number of people who simply live in homes they either can't afford or that are too big for them. While downsizing and moving to a small property might not be something you've thought about, it could be the right option for you.
Most people think that bigger is always better when it comes to house size. That might not always be the case. In this article, we're going to look at a few advantages to downsizing and why it might be for you.
1. You can move to a better location
Many bigger homes are on the outskirts of cities or in cheaper locations. If you live in a five-bedroom house out in the middle of nowhere, but have always fancied that downtown pad but have never been able to afford it, consider downsizing. Do you really need all those extra bedrooms? You might be able to find a perfect 2-bedroom home in a great location that you can easily afford. You just have to decide how important those extra bedrooms are to you.
2. You can save tons of money
This is probably the most obvious answer. Living in a big house costs a lot. If you're happy to move to a smaller home in the same area, you could save a fortune. Imagine being able to buy a new car and a load of new gadgets to fit in your smaller home instead of paying off the mortgage on that big one you don't need.
Not only is a big home in a comparable location more expensive to buy, it's also more expensive to keep. Taxes may be higher, and you'll probably be paying more to heat it and keep it maintained. These are points people often forget about. It's not just the up-front price of the house, it's how much it costs you over time, too.
If you downsize you can save money — that means your new home could have a modern kitchen or some great interior design features that you simply couldn't afford when you where in your bigger house. You'll also save on things like window cleaning costs.
Downsizing could also help you move to a home you can own outright much sooner. The financial benefits of completely paying off your mortgage could be massive for your finances, and you can get there sooner with a smaller, cheaper home.
3. A smaller home is less work for you
Not only does a bigger house cost more to maintain, but it also takes up more of your time. Think about things like vacuuming and other household chores. Smaller house — less time doing them. It's as simple as that.
One important thing to remember with downsizing is self-storage. If you want to keep certain things but no longer have space, it's thankfully much easier (and cheaper) these days with the right self storage service.