There are many benefits and things to consider when downsizing.
Save on Costs
Although you are moving into a smaller home, it won’t necessarily be less expensive for your mortgage, insurance, and taxes. Maybe your smaller dream home is located in an exclusive high-cost neighborhood. Perhaps your new home is in a different city or state with higher taxes. If your focus is to save on your mortgage, a smaller home in your current neighborhood or a comparable neighborhood can easily do the trick. Just remember the reasons that you chose to do this and the many benefits it brings you.
Smaller homes come with fewer maintenance costs, especially if they have little to no yard, and there are fewer things to replace andor upgrade. They will also use less energy to heat in the winter and cool in the summer because there is the less living space. These savings can add up rather quickly to ensure your long-term cash flow and provide extra money for the things you want in life.
Downsizing your home can also create an abundance of extra time in your schedule. Home maintenance on a larger home can take a significant amount of time out of your days. From yard work to snow removal and cleaning to general maintenance inside and outside the house, you can lose many weekends of free time taking care of these types of chores.
If this is a factor in choosing your downsized home, you may want to look into purchasing a patio home, townhome, or even a condo where many of these chores can be minimal or even obsolete.
The amount of time you save not having to do all of these chores can now be spent with friends and family, picking up that new hobby you never had time for, or even traveling to the far-off places you have always wanted to visit.
Preparing to Downsize
Preparation is a significant first step to downsizing your home. Getting yourself ready to move into a smaller home can be stressful and fulfilling all in one. The best things you can do are to start early, have a plan, and stay focused. You will have many tough decisions to decide what to get rid of and what to keep. From clothes to furniture to keepsakes, whatever it is, you are going to have to decide what to do with many of your items.
Setting up a system of how you want to go about the process and sticking to it will be extremely helpful. Many of your keepsakes you decide to part with can go to friends and family for them to cherish as much as you have.
Clothes and furniture can be easily donated as you go, or if you have room in your current home, you can schedule a pickup with most non-profits to get all of the items at once. There will also be many items you come across that you forgot that you even had. These items and many others can be sold through online marketplaces to make a few extra dollars to help with the moving expenses. The key to your preparation is to have as much as possible completed before your move. This will ensure that you don’t have too much clutter in your new home and have to worry about it while unpacking and organizing.
Enjoying Your New Lifestyle
Downsizing your home is not just a physical change but also a lifestyle change. Learning to live in a smaller home, not having a yard to maintain, and having extra time and money can contribute to your new lifestyle.
Knowing your plan to handle these changes will make the transition much smoother and manageable for you.
Deciding what to do with your free time and extra money is all up to you. Hobbies, travel, and new experiences in life are now at your fingertips. Take a step back, relax, and enjoy your new lifestyle!
Let’s start the journey
Downsizing is an exciting opportunity that can involve a lot of variables and emotions. Having a supportive expert that can lead you through the process as seamlessly as possible can eliminate a lot of the stress and make it the experience you want and deserve. We’re here to help! Contact our 9x mortgage consultants to start your journey on the path to financial freedom and the benefits that downsizing your home has in store for you!
We look forward to serving you!