Downsizing has a number of key benefits not just for empty nesters, but for us all as living large doesn’t always mean bigger is better.
If you love saving money, energy, resources and enjoy saving time on the upkeep of a home, downsizing your home may be the answer. Here are 6 benefits of selling up and moving into something smaller.
1) Less stuff
There's a problem with space in houses: you have to fill it. In most cases, you won't want to simply have vast expanses of nothing and will require purchases like furniture, rugs, art and more to add colour to these areas. This means you won't only be paying more for the bigger house but will have to take into account these extra costs as well.
2) Save stress and money
Living in a larger home requires more time spent on its upkeep. From cleaning, maintenance, furnishing, outdoor home upkeep and the cost to run all of these can lead to a home that is stressful. By downsizing, you’ll have less responsibility, smaller workload, increased cash flow and greater flexibility which all help reduce stress. This frees you up for fun, spending time with family, getting more rest and just enjoying your home rather than being a slave to it.
3) Spaced out
If you have a family, there are some benefits that could result when buying a smaller home - family members are more inclined to bond, work together, be organised and compromise with one another. Nothing like sharing a bedroom and a closet with a sibling to learn how to share and be patient…let alone the fun of having someone to talk to when you lie in bed at night. A cosier home is often the way to a happier domicile.
4) Energy Bills
Energy bills, which continue to climb, are nothing to shake a finger at. For instance, according to Expatistan's Cost of Living Index, the average utility bill for two people in a Sydney flat was $202 a month. Considering that larger homes require more power to stay warm or cool (depending on the season) and lit, you could shave quite a bit off your energy expenses by living in a smaller home.
Furthermore, you'll be doing your part for the environment by consuming less energy that is often produced by dirty fuels.
5) Start of a new chapter
By downsizing and reducing your costs such as your mortgage along with maintenance and energy bills, it can often mean you have extra money in the bank that can be spent on you and enhancing your lifestyle. Perhaps it’s a trip to one of your bucket list destinations, or an annual visit to family interstate. Also, traveling can be less of a hassle when you have downsized, especially if you live in an apartment as you can normally lock it up and go, rather than concerning yourself with ensuring your home has enough security while you have gone.
Interestingly by living in a smaller home, it will reduce your consumption. If there is no place to put it, you’re much less likely to buy it. That means less money is spent on clothing, food, and consumer goods and more money that can be spent on enjoying your life.
6) Retiring and Downsizing
Have the kids left home and your finding yourself rattling around in the house that you bought for the family? Downsizing can help release capital and provide you with a significant lifestyle change. It also offers the added benefits of reduced outgoings on utility bills, council tax, repairs and maintenance which can offer peace of mind, given the rising costs of these items.
In addition, there are the practical benefits of downsizing your home for retirement and moving to a smaller property as they are easier to manage and maintain, particularly should your degree of mobility start to lessen.