When we’re young, our homeowning goals usually consist of a large house with a lot of the bells and whistles that we want in modern convenience. But as we age, it’s not unusual for our needs and wants for a home to become more modest.
The reasons behind downsizing are numerous, maybe you’re looking for a simpler lifestyle, or you find that the maintenance on your home is now becoming too much to handle. Whatever your reason may be, there are quite a few benefits to downsizing your home.
Increased Cash Flow
The most immediate benefit that downsizing has is an increase in your monthly cash flow. If you’re spending less on your mortgage payment or rent in a smaller home, that means that you’ll have more money every month that you can put towards other needs and desires. This can mean that you can attack other debts, put that extra money towards your retirement or savings, or use it for vacations or other enjoyable pursuits. Additionally, downsizing also means lower utility bills which will also help to increase your monthly cash flow as well as keep your home more green due to less energy consumption.
Easier To Maintain
A house with fewer rooms and smaller spaces means less time spent on cleaning and maintaining a home, which means more time for more enjoyable activities. According to a recent survey, less maintenance is one of the primary reasons why people downsize. 36% of Baby Boomers, 18% of Gen Xers, and 19% of Millenials all said that one of the primary reasons they downsized was because their previous home was too difficult to maintain.
Downsize Your Stress
Downsizing can reduce your homeowner stress because you’re no longer overwhelmed by the financial and workload demands that owning a larger home can bring. Having less maintenance and cleaning responsibilities, increased cash flow, and reduced consumption (if there’s no place to put something, you’re less inclined to buy it) can all help to increase your financial and time flexibility and reduce your stress. Also, having less clutter has been proven to help improve mental health in seniors.
Improved Accessibility
As we age, stairs can become more difficult, and for some, can become a barrier to truly enjoying their home. Additionally, stairs can also increase the risks of falls and injuries. A home that suited you 20 or 30 years ago can become a mobility challenge and fall risk now. If you have mobility problems, downsizing will allow you to choose a home with greater accessibility.
Eliminate Work For Your Children
When a loved one passes away or has to move into an assisted living community, their children will often have the difficult task of sorting through possessions and having to choose to sell them, give them away, or move them into storage. Downsizing can help eliminate this anguish filled task. Giving away heirlooms and possessions that would have been in a will early not only helps to streamline a move while downsizing, you also get to enjoy the feeling of giving those items to your loved ones now.
Do you think that downsizing might be the right choice for you? If so, please reach out to us. Our team at Signature Home Buyers is here to provide you with options that are beneficial to you and sensitive to your needs.