Bigger isn’t always better. Sometimes there can be advantages to moving to a smaller home. Below are just some of the pros and cons of downsizing so that you can decide whether moving to a smaller home is the right decision for you.
The pros of downsizing your home
One big reason people choose to downsize is to cut their bills. A smaller property is likely to have cheaper rent/mortgage rates and cheaper energy bills.
If you’re currently financially struggling, downsizing could relieve some of the financial pressure. Of course, location can have an impact on cost too – make sure that you’re not moving to a smaller property in a more expensive area.
If you own a home, downsizing could enable you to release equity – particularly if you’ve paid off most or all of your mortgage. If you’re retiring soon, this could give you extra funds to spend in your latter years. Some people are able to travel the world and afford other personal luxuries by taking the decision to downsize.
A smaller home is easier to maintain. There’s less to clean and less to repair. If you’ve got a busy lifestyle or simply hate housework, downsizing could make life easier.
A cosier feel
A home that’s too big may not feel cosy. Many people downsize after their kids have moved out because they’ve got empty rooms that aren’t in use. If you’re getting older and have developed mobility issues, you may also find that a smaller home is more comfortable because it’s easier to get around.
The cons of downsizing your home
The cost and stress of moving
Moving home can be a costly and stressful process. You should consider whether you can afford moving costs and whether you can deal with the stress.
Of course, there could be ways of reducing the cost such as marketing your property yourself and ways of reducing the stress such as hiring the help of a local removalist. That said, there will always be some costs and some stress that is unavoidable.
Less space for your stuff
When moving to a smaller home, you’ll have less space to store your possessions. This could mean having to get rid of belongings. There could be positives to decluttering, however some people may find the process too hard.
Less room to entertain
If you like to throw large family gatherings and parties, downsizing might reduce your ability to do this. It could mean settling for less outside space, a smaller living room, a smaller dining room and potentially no guest bedroom. If entertaining guests is something you love to do, you may not want to downsize.
A sense of regression
Moving to a smaller home could feel like a backward step. There’s a certain sense of pride that comes with owning a larger home (especially if you worked hard to afford that home). This is something that puts many people off downsizing – even when a larger home becomes impractical to live in.