3 benefits to downsizing your home

The thought of downsizing your home may seem like a daunting task, although it is one that can be beneficial depending on your circumstances. It is also the first step to the next stage of your life and an exciting one.  Property needs change with us.

1.  The opportunity to declutter

When you find a property to downsize to, it will also mean a reduction in the space for the number of furnishings and other belongings that can move with you.

Downsizing brings with it the chance to declutter and move on items that you no longer use or have an attachment to and are not likely to use in the future.

There are great charities that may appreciate donations or online marketplaces where you can list the items and potentially make some money from things that you no longer need.

As they say, one person’s trash is another’s treasure.

2.  A reduction in expenses when downsizing

Choosing a smaller home may mean smaller rent payments or a reduced mortgage based on the proceeds of the sale of your larger property and can potentially increase cash on hand.

A smaller home will also lead to a reduction in energy costs including utility bills and maintenance requirements are likely to be less with a smaller property. Insurance costs and obligations are also usually a lower investment with a smaller property.

3.  A change in lifestyle

Downsizing your property means less space, a smaller yard, and a dwelling that may be more reflective of your current needs.

A smaller property can have many potential benefits in terms of a change in lifestyle. A smaller yard (or none at all) will mean less time on weekends tending to lawns and gardens and less maintenance on other areas of the property. This will mean that you can gain back more time to enjoy other things that you really love.  Plus local parks provide great walking spaces and offer the intrinsic benefits of a backyard lawn on a larger scale, all with the added benefit of being maintained by a public workforce.

Wondering if you should keep your current property as an investment property when you downsize? Should I sell or invest in a second property discusses some considerations.