All too often, when people hear the word “downsize,” they automatically associate it with bad news. Things like divorce, death in the family, or bankruptcy have all been linked to reasons why people downsize. But there are also wonderful reasons why people downsize that have nothing to do with any type of bad life event. Living a life of travel, retirement, and becoming empty nesters are all great reasons to downsize as well.
But, regardless of why you might be considering downsizing, there are indeed some wonderful benefits associated with it. Things like spending less to maintain a smaller home, more time to do the things you enjoy, and more money to put towards your retirement are all great things that come with moving to a smaller home…
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The only thing that escapes the minds of people considering this life event is what it will be like living in a smaller space and how it will affect their current lifestyle.
Do you still need 3,000 sq ft of home with four bedrooms to living comfortably or can you adjust to 1,300?
Again, downsizing has many benefits, in fact, Reader’s Digest states that some of the biggest reasons why people actually downsize are because it reduces their daily costs and they no longer want to maintain a large property. But just like any other move, there are some important considerations to think about before embarking on such a lifestyle change.
Before taking this leap, take a look at some important considerations to think about to determine if downsizing is indeed the right move for you to make at the current stage in your life.
Considerations to Think About Before Downsizing
Cost of Living
The cost of living in your smaller home is totally dependent on the area to which you’re moving. Now, if you’re staying in the same area, then there won’t be a difference in what you’re currently paying and what you will be paying, as far as gas, food, utilities, etc. The only difference would be your mortgage/rent payment and you can use a mortgage loan payment calculator to help figure out your monthly costs.
But if you’re moving to a new city and state, then you’re going to have to do some research to see if you can even afford to live in your location of choice. For example, electricity plans in TX are much more affordable because they have alternative electricity options available to Texas residents. But certain states don’t offer deregulated electricity, leaving people sometimes with astronomical utility bills every month.
Look at gas prices… For regular unleaded gas in California, you’re going to be paying around $3.17 per gallon, whereas Connecticut residents are only paying around $2.13 per gallon. That may not sound like a big deal to you, and gas prices fluctuate all the time, but once you move to your new city and state, it’s those little things that will add up and catch you off-guard.
Lifestyle at Home
Sometimes it’s hard for people to grasp the concept of living in a smaller space until they actually move in because they simply can’t determine how the size of their home directly impacts their way of life.
Maybe you’re someone who enjoys hosting get-togethers with friends and family; your home was always known as the “party spot” because you had the space to accommodate large crowds… By moving into a smaller home, you’re not going to have the same amount of space as you did previously, and it will impact your hosting capabilities by limiting the number of people that can comfortably visit your home without feeling cramped and overcrowded.
Having a smaller space isn’t necessarily a terrible thing, though… it just means you may have to put some things in storage and figure out ways to save more space in your new home. Multifunctional furniture and organization will be a huge help
Time Spent in New Home
The time you’re going to spend in your new home should be a determining factor in the reason why you’re downsizing. Are you only downsizing just to save for an even bigger home or are you doing it because this will be your forever home?
If this is just a temporary space for a few years, then you can “tough it out” for the greater good of your future goals. But if this is going to be your forever home, then you can go ahead and start making improvements and renovations to make it feel more like home for you. You can even incorporate renovations to add square footage, which will be more affordable than paying for the square footage when buying the home initially… Look at this as a new opportunity to create the home you always wanted!
