Have you enjoyed your big, beautiful, and spacious home for decades and felt guilty for wanting something smaller and easy to maintain? These feelings are valid. Your home is connected to so many memories and sentimental moments. But you shouldn’t feel guilty for wanting something more manageable now that the kids are out of the house and your energy isn’t what it used to be.
Downsizing to a smaller home may have many benefits, including easier upkeep, an opportunity to save money, and enjoying the equity you’ve accumulated over the years when you sell your current home.
What Does It Mean to Downsize?
To downsize means buying a smaller home than your current one. Downsizing is often a wise choice for elderly individuals struggling to keep their homes, couples who have recently become empty-nesters, or even those who want to simplify their lives. Downsizing may also be an excellent solution for those who want to move closer to family/friends and don’t need extra rooms for visitors. A big house makes sense for many homeowners, but a lot of people could benefit from deciding to downsize.
Pros of Downsizing
1. Collecting the Equity
One of the most brilliant reasons to downsize is financial. In the current housing market, home prices are at an all-time high. If you’ve been in your home for a long time, then it has more than likely increased in value, and you might be close to paying off your mortgage if you haven’t already.
How tempting is it to downsize and collect the equity? This puts you in a fantastic financial situation and allows you to buy your new, smaller home in cash. Cash is king. Paying for your new home in cash will ultimately give you more options, a quicker timeline for closing, and the amazing chance to live mortgage-free!
2. Less Upkeep and Cheaper Bills
Are you starting to loathe all the cleaning you have to do to keep your house up? Downsizing could be the solution to your problems. Plus, a smaller home is going to have lower utility bills. Less cleaning frees up your time for hobbies and spending time with family. Lower bills free up your bank account to enjoy more things you love like vacations.
3. More Suited for Aging Adults
It may be wise to downsize as you get older. Mowing the lawn, pulling the weeds, and climbing the stairs all become more taxing with age. A single-level home with no stairs and no basement may be a great fit in your golden years. You enjoyed your home for so long and have those memories forever, but now may be the time to move into a home better suited for you.
4. A Chance to Declutter
You know it needs to be done, but you get overwhelmed every time you think about it. Moving to a smaller home is the perfect excuse to purge, declutter and dejunk.
Cons of Downsizing
1. Losing Space
If you’ve gotten used to having a lot of space, you may never get accustomed to living in small quarters. You may hate losing the space you once had. It also may be harder to stay organized if you lose a lot of storage space. Do you need the extra space, or is it just costing you extra money?
2. The Stress of Moving
Moving causes stress even with the help of a professional Utah moving company. Maybe you don’t have the time, energy, or desire to take on a move right now. If the idea of packing up and moving is your deciding factor to stay put, you are not alone.
3. Not Worth it
Perhaps homes in your desired area aren’t even that much cheaper than the value of your current home, and hence, you decide it is not worth the hassle of moving to save a few bucks. This is something you should figure out beforehand.
4. Lack of Availability
Maybe there are no attractive options. Housing inventory may be in a temporary slump. In this case, you may decide not to settle but rather stay put and revisit the idea later.
Popular Reasons for Downsizing
- Recently became an empty-nester
- Recently divorced
- Seeking less upkeep and maintenance
- Greater accessibility
- Change in financial circumstances
Questions to Ask Yourself if You’re Considering Taking the Plunge
- What are my reasons for downsizing?
- Does the idea of downsizing bring me peace and happiness?
- Where do I want your home to be?
- Will the downsize be worth it?
- Will I have to make sacrifices to make it happen? Am I willing to make those sacrifices?
- Do I want to pay off your mortgage before selling my property?
If you’ve made the pros and cons list, asked yourself the vital questions, and feel good about downsizing, you’d better start preparing for your move! Begin by throwing away things you don’t need, donating items in good condition, or giving away/selling items you won’t miss. This will help make room for organization, save you money, and ensure you only bring items with you that bring you joy.
We know you’ll make the right decision and if you need full-service movers to give you a hand, Utah’s Moving and Storage is here to help.