4 Reasons to Consider Downsizing

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4 Reasons to Consider Downsizing

Last Updated on March 19, 2024 by Ali Hamza

When it comes to houses, many people believe the old adage that ‘bigger is better.’ That may be true for some, but many homeowners who have made the decision to downsize in the past few years are reporting a happy life in a smaller home.

For many, freeing up and simplifying their home life leads to a clearer, less stressed mindset and a happier lifestyle. If you’ve been considering the idea of downsizing your home but are still unsure you should make the move, here are four reasons why you should downsize your living space for a happier, simpler life.

Free Up Some Cashflow

Depending on where you are in life, you may or may not have a mortgage. Buying a smaller home has the potential for having a lower mortgage payment, meaning you’ll have more money to spend in other areas, whether it’s spending more on hobbies, entertainment, kids or grandkids, or vacations.

With the proceeds from your current home, you may even be able to pay cash for your new home, eliminating mortgage payments altogether and freeing up the money for other worthwhile areas of your life.

In a survey determining why people decide to downsize, 69 per cent of respondents said their main reason was to save money. 

Reduce Your Upkeep

By reducing the size of the house and property you need to maintain, you free up all sorts of extra time and money. A smaller home will mean you’ll have to spend less time on cleaning, organizing and other chores and more time on the things you actually enjoy doing. 

Reduce Your Bills

A large home will need more energy to heat up and cool down. There’s a lot of extra empty space in large houses, with high ceilings and perhaps even unused rooms. That kind of space can add up to quite a bit when it comes to energy bills. Things like insurance and property taxes also tend to lower when downsizing.

Less Stress

Similar to reducing the maintenance and upkeep required to keep your home in top shape, downsizing minimizes the stress levels of homeowners. There’s less responsibility, a smaller amount of work that needs to be done, and extra cash, all of which are conducive to creating less stress. 

Downsizing also offers an opportunity to eliminate clutter, and with reduced space, there’s less chance for that clutter to creep back into your home over time slowly. Clutter is known to be a significant contributor to unnecessary stress.

The tiny home and minimalist trends have become trends for a reason. Many people find happiness in letting go of their big houses and living in only as much space as they need. By doing this, they can increase their spending cash, lower their stress, reduce the amount of time and effort they spend on maintenance, and reduce their bills. They can then turn around and invest that time, money and energy in areas of their life they would prefer to spend it.

Read More: A Guide to Reducing Business Costs in a Sustainable Way