If you think downsizing is a step backwards, think again! There are many reasons why downsizing has become a popular choice for homeowners.
Our top 4 benefits are;
- Lower maintenance and upkeep
While larger homes offer more space, they also require more upkeep of cleaning and gardening. Fewer rooms and smaller spaces cut down on the time expended to clean and maintain. For some, the time and money required could be better spent somewhere else. This applies especially to those families with older kids that have left home and certain rooms of the home are no longer being used as frequently. Imagine spending less time cleaning and more time socialising or doing the things you really love.
- Money for other things
There may also be a financial incentive to downsize. Firstly, it could allow you to live home loan free. If you have substantial equity in your current home, you might be able to pay your next home outright. Secondly, downsizing may mean a lower home loan and as a result, reduced home loan repayments. The potential savings could be used more cost effectively like reducing personal debt or even paying off your home loan faster. Imagine what you could do with an extra $500 a month. See how much you could potentially save.
- Lower ongoing costs
Downsizing may reduce the running costs of your home, like your utility bills and maintenance costs. Less square footage decreases the amount of energy expended. Reducing energy is better for the environment and helps to keep your home green. Again, this money could be used for improving your lifestyle. You may also find when there is less space for “stuff”, which forces you to declutter and cut down on other areas of consumption.
- The ability to live in your dream location
Time for a sea change or a tree change? Perhaps you want water views? Or to be closer to family? Downsizing to a smaller property could mean you can afford to relocate to the area you have always dreamed about.
There are plenty of benefits to downsizing. Less responsibility, smaller workload, increased cash flow, and greater flexibility—added together, they all reduce stress. Homeowners who have successfully downsized sometimes appear happier when they’re no longer overwhelmed by the demands of a larger home. If you do decide downsizing is the fresh start your family needs, please get in touch. We can help you find the right home for your specific needs.