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Is it Time to Downsize?

April 23rd, 2014

Is it Time to Downsize?

The societal trend of recognizing the joys of a simpler life has led to a surge of people looking to downsize their homes. Downsizing your home can be very beneficial, and is an attractive option for people who are looking to streamline their life, save some money, or prepare for retirement. Whether you’re looking to escape the noise of the city, or elevate your financial position, downsizing might be the answer.

Different Ways to Downsize

The most common reason people give for wanting to downsize their home is they’re getting ready for retirement and they want to unlock the equity in their home. Downsizing is a great retirement tool, and can go a long way toward making sure you don’t outlive your money. Downsizing might mean moving from your large family home into a smaller home or an apartment.

This could be a way to save some money each month, or it could be a way to live in a nicer location without increasing your housing expenses. It might also mean that you are moving from a more expensive, central location to a less expensive place in the suburbs or the country, without decreasing your square footage.

The Downside

There are some disadvantages to downsizing that may not make it the right choice for everyone. If you’re moving from a home into an apartment or condo, the lack of privacy may bother you. If downsizing involves leaving your community, you’ll have to put in the time and effort of making new friends and making yourself at home. Moving away from family and friends is one of the biggest cons that people list about downsizing.

If you’re moving into a smaller space, you will probably have to sacrifice some of your possessions in order to fit comfortably into your new home. This may also mean that you have less space to accommodate guests. If these disadvantages don’t really seem like a big deal to you, then downsizing may be right up your alley.

The Upside

For those who make the decision to downside, there are a lot of benefits that they can enjoy. The biggest benefit is being able to draw the equity out your home to fund a comfortable retirement. Reducing your monthly housing expense is also essential for some people who are downsizing. Many people enjoy the change of scenery that downsizing affords them, whether it’s moving into a quieter small community, or getting closer to all of the amenities that the city has to offer.

Moving out of a single family home into a condo, apartment, or townhome will save you the stress of home maintenance and upkeep, which can free up more of your time to enjoy other things. Downsizing to a smaller property allows you to live in a nicer community, where you can enjoy a higher quality of living. Weighing the pros against the cons with your own wants and needs in mind will help you to decide if downsizing is right for you.

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