Various Benefits of Downsizing Your Property
If you’re thinking about property downsizing but are still not convinced, here’s a list of some of the major reasons why property downsizing is a great idea. Downsizing your property comes with a variety of benefits. You will save a lot of time and money and you will have lower stress levels.
There is a reason many people are choosing to downsize their property as it makes a lot of sense for them financially as well as for their mental and physical health.
Repairs and Maintenance
First and foremost, it is important for you to recognize that the bigger your house is, the more money you will have to spend on its upkeep in terms of repairs, maintenance, and other things.
If you have a smaller house, it has the potential to save you thousands of dollars in repairs and maintenance over a long period of time.
Another important thing you need to keep in mind is that you will have to pay a lower mortgage payment for the smaller property as compared to the mortgage payment for a bigger property.
You will also save money on repairs and upgrades as a smaller property will cost you less money due to lower requirements for materials and time.
You will also save money on property taxes as your smaller property will have a lower assessed value as compared to the bigger property. You will also save money on insurance as insuring smaller properties is cheaper.
You will save money on utility bills as you won’t need as much energy to heat and cool a smaller property as needed for a bigger property. There will also be fewer things to replace such as windows, light bulbs, and other such things.
Ideas to Consider
In simple terms, downsizing your property will allow you to save thousands of dollars over the years. You can use this extra money for education, traveling or for gifting to your loved ones.
It’s nice to have a bigger house but only when you can afford it. Paying for an extra house with money you can better use elsewhere is not something you should do as it’s not a smart financial decision.
Bigger is not Better
Downsizing your property also saves you a lot of time as you will have to spend much less time cleaning the house, tending to the yard and on making repairs. There is no denying the fact that you need to spend more time on maintenance and repair of a large house and it also takes a lot of time to clean up.
It’s true that you can always hire professional cleaners for cleaning the house, but they are also going to cost a lot of money. In fact, many people do not realize the amount of money they have to spend on maintenance and upkeep of a big house. They only realize the savings when they start living in a smaller house without compromising on their comforts.
Many people get into the habit of accumulating stuff when they have a bigger house as storage is easily available. People keep dumping things in their garage, basement and in all the other places where they can find some space.
When you have a smaller property, you will be buying less as there is no space to store extra things that are useless. It will make your house maintenance easier as you will have fewer items to track. It will make your life simple and easy. A smaller house also comes with a smaller footprint which means you will also help the environment by downsizing your property.
One of the most overlooked but important benefits of downsizing your property is lower stress levels. Most homeowners do not realize the amount of stress maintaining a large property puts on them. You have to worry about repairs, maintenance and taking care of such a large property. Nobody likes to live in a house that is full of dirt and cleaning a bigger home adds to the stress levels.
Similarly, you have to spend a lot of money on maintaining a bigger property. When you downsize, it will surely bring down your stress levels as there is simply less space to worry about. When there is less to be maintained, there are fewer things that can go wrong.
If you have an oversized house with oversized yards or multiple bedrooms, you will become overly stressed due to repairs, maintenance and general things that can go wrong. In case you do not have that many people in your home, it’s not worth it to take that extra stress. You will be able to live a far simpler and happier life by downsizing your property in addition to saving a lot of time and money.
Overall, downsizing your property offers several benefits and this is the reason, many homeowners these days are entertaining the idea of downsizing. It saves you money and gives you peace of mind, and allows you to get rid of those unwanted items in the storage space.