There are so many advantages to downsizing that you may have never considered being important before. As we approach our mid-20’s or early-30’s, buying a home is a typical life-changing event that most of us go through. Sure, a three-bedroom house with a yard, basement, and garage may be necessary for a growing family, but do we have to live in this much space forever? Getting locked into a 30-year mortgage may seem like the only option, but it doesn’t have to be. Continue reading to find out why downsizing might allow you to live the life you’ve always dreamed of living.
1. Smaller homes are cheaper.
This is a no-brainer, but have you ever really thought about the money you could be saving on bills and maintenance? Your mortgage could be cut in half, along with other expenses like home insurance, electricity, gas, and so on. Think realistically about the space in your house that you don’t use. Could you live without that spare bedroom, office, or basement? If any room in your house is being used for storing belongings, remember - renting a storage unit is much cheaper than paying a high mortgage each month for many years!
2. Save time cleaning and decluttering!
How much time do you spend every week sweeping, vacuuming, mopping, and dusting? The larger your house is, the more hours you spend on maintenance which we all know can be a never-ending headache. Also, for those that get their homes professionally cleaned, think of all the money you could save if you had a smaller space!
3. Smaller homes can be financially freeing.
The less stuff you have, the less time you spend worrying about it. Getting rid of household items you never use or old clothes that are simply taking up space can feel SO refreshing! This all ties into a minimalistic lifestyle, and the benefits it can do for both your mind and finances! Find the items that matter in your life and cherish them without worrying about ones that don’t!
4. You won’t be able to accumulate more stuff.
Once you move into a small living situation, you will no longer have the option to buy more home décor, work out machines, toys, equipment, furniture, etc. because you will not have the space to fit it! Imagine all the money you spend overtime redecorating for the seasons or buying new tools you “think” will be useful later down the road. The truth is, most of us don’t even need a quarter all of the belongings we own. With a smaller home, you will have to shop smarter while finding multi-use items. When making a purchase, it’s always good to think quality over quantity.
5. Start spending money on your hobbies!
Spending less on your house can also mean spending more on things you want to do! Maybe you have never had the chance to visit the country you have always wanted to travel to or spend the money on the necessary gear to enjoy the outdoors. Whatever that desire is, find a way to fulfill it without stretching your finances. Selling your home and downsizing could very well allow you and your loved ones to achieve something you have always wanted.
If you do find yourself wanting to downsize, look into the cost of a monthly storage unit for items you need or want to keep for memorabilia. Realistically if you can cut your expenses in half, spending money on a storage unit that costs less than a 100$ might be the perfect solution to keep everything you truly need. For those with large families – we get it. Downsizing might not even be an option at the moment, or even for the next 20 years of your life, but it’s always good to keep it in mind for the future!
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