Since the beginning of history larger homes have been associated with greater wealth. And in today’s society, bigger homes are still desired by those eager to display their status to their neighbors. However, as millennials are becoming a more dominating factor in the US economy, we are starting to see a transition from desired large homes to the concept of tiny homes.
Tiny homes may be a bit extreme for many, but the notion of downsizing should be something that all people consider. No longer do we live in society driven by “bigger is better,” but instead we are moving into an eco-friendly, minimalistic thinking way of life. Additionally, downsizing has actually proven to bring a multitude of benefits to homeowners, not only financially, but also socially.
1 – Downsizing Saves You Money
This one may be obvious, but downsizing your home can save you tons of money each year. If you own a larger home, you could benefit from the sale and gain a profit by transitioning into a smaller home. If you are a new homeowner, you could leave the renters trap of a large apartment or house and find a home that is suitable to your needs. Additionally, downsizing will save homeowners money on home related expenses, including: maintenance, upgrades, taxes, insurance, electricity, and more.
If you are transitioning to a smaller home because of financial restraints, then the move can help you avoid the unwanted lifestyle of living in debt. If you are transitioning to a smaller home for other reasons, then you may be fortunate to have extra cash each month, providing you the opportunity to spend that cash on something as exciting as travel. You can stop missing out on those annual vacations!
2 – You Can Help the Environment
As mentioned, we are transitioning to an eco-friendly society. Even if you yourself are not an intense advocate, you can at least make a minor impact by reducing your footprint on the earth. By downsizing to a smaller home, you can reduce the energy you use on a daily basis.
3 – Downsizing Can Reduce Your Stress Levels
You may not be aware, but recent studies have identified a correlation between downsizing and stress reduction. Individuals with larger homes tend to feel more overwhelmed by household chores, costly maintenance, and renovation projects required on the home. It is necessary that they commit more of their time to home repairs; additionally, families living in larger homes tend to feel more isolated and depressed due to the increase space between them and loved ones in their home. Downsizing to a home that can reduce your responsibility and bring you closer to your family can ultimately improve your mental health.
Is It Right for You
Understanding your internal motivation to downsize is necessary to make a smooth transition. Here are a few reasons many of our clients have found it the optimal time for them to downsize:
- Children and going to college and getting homes of their own. Many parents today want to preserve their children’s youth in the childhood bedroom. However, it is these Millennials and Generation-Y’s that are the strongest advocates that “smaller is better.” Letting go of their rooms can also allow older parents to spend that money on themselves (since they did just raise children for 18+ years!)
- Divorce or loss of a loved one. Losing a partner is never easy. And often leaving the home that you two were together in can be both a financial beneficial decision and emotional one. Moving into a space that is yours, and appropriate for only your needs, can help clear up mental blockage and help you save money.
- Realizing that your home is just too big! Maybe the family structure is remaining the same. But take a look around and ask yourself: “Do we need all of this space?” If the answer is “no,” consider a move! You can then experience all of the benefits of downsizing!
- Are you tight on cash each month? This is one major factor when considering whether or not to downsize. Again, moving to a smaller space can help save money. If you don’t let go of the material and move into an appropriate sized home, you may not have extra money each month to spend on fun luxuries.
Assessing Your Options
Identifying the true potential of downsizing can best be found by speaking with a professional. We here at Gulf State Homebuyers have assisted many clients in making this life-altering change. We have provided them the financial opportunity to, finally, get ahead with their finances! If you want to discuss further if downsizing is the right option for you, contact us today!