Downsizing is when you move into a smaller home than the one you currently have. There’s a multitude of reasons you may wish to downsize. You may wish to move for financial reasons (69% of people cite this as their main reason) or perhaps the number of occupants in your present home has reduced. What’s clear, however, is the numerous benefits associated with moving into a smaller place.
The main benefit of downsizing is, of course, financial. You may have paid off your mortgage and decided you’d like to reduce your property, whilst using the extra cash to improve your daily life. With the property being smaller, this could be a precious chance to enjoy smaller utility bills, especially when gas and electricity prices have never been higher. Smaller homes cost a lot less to heat or air condition, and the reduced space decreases the amount of energy expended. Not only is this better for your finances, it’s also great for the environment. If everybody decided to downsize, it would be a very good decision for the benefit of the planet.
There could also be a lifestyle consideration. If you’re elderly or have mobility issues, you may find a bungalow much better suited for you than a house. If you currently have a large garden or more rooms than you require, downsizing can greatly reduce the numbers of hours spent on cleaning or maintenance. In fact, one study showed 36% of baby boomers, 18% of Generations-Xers and 19% of millennials said they opted to downsize because their previous homes were too large or difficult to maintain. If your disability means you have to pay for a cleaner or gardener, you can save on expense here too.
Another reason can be attributed to children growing up. Maybe your children moved to university and you find you no longer need such a large house. 23% of baby boomers downsized their house after their children moved out. There’s no better way of starting a new chapter than by relocating. It may also give you an opportunity to move to your dream location. If you always lived in the best place possible to raise a family, maybe you can now move to the outskirts of a city, or even abroad. Some people also find that they can sell their car and start to use public transport. Whilst not convenient for all with a physical disability, if you’re able to make this move, it is ultimately a lot less expensive and much better for the environment.
Downsizing can also provide a great opportunity to declutter possessions or have a house clear-out. Not only can this prepare you for the smaller living space, it could also be an extra opportunity to generate cash to benefit whichever reason you’re choosing to move. If you’ve ever heard of the phrase ‘tidy house, tidy mind’, the science says this is true! Reducing possessions could also prove invaluable in decluttering your brain or improving mental health. It may even mean you can finally afford the item you’ve always wanted or needed. A laptop, stair lift or electric wheelchair are such possible items.