The Benefits of Downsizing to a Smaller Home

July 22, 2020 7:00 am Published by Terry Paranych Real Estate Group

When it comes to homeownership, bigger isn’t always better. Especially when you find yourself spending more time physically (and financially) maintaining your home than enjoying it. If you’ve been thinking about downsizing to a smaller home better suited to your needs, here are six benefits to look forward to.

1. Significant Savings

Larger homes don’t just come with larger mortgage payments. T
hey also cost more to heat, cool and maintain. One of the biggest benefits of making the move to a smaller property is savings as a result reduced of utility bills, property taxes and insurance premiums. In short, you’ll have more to put towards your retirement fund, existing debt and mortgage loan (with the added advantage of becoming mortgage-free faster).

2. Ultra-Accessible Amenities

Apartment-style condos and semi-detached homes are a popular choice among downsizers. These homes styles (in particular) are known for their amenity-friendly surroundings, providing quick and convenient access to shops, services, parks, recreation, entertainment venues and much more.

See our previous post: Three Must-Have Styles When Downsizing to Your Next Home

3. Getting Organized

Downsizing your home gives you the opportunity to simplify your life and trade items you no longer want or need for a more comfortable, streamlined living situation. Admittedly, it may be hard to part with things you’ve accumulated over the years. For this reason, we recommend de-cluttering your home room by room, instead of all at once. This will give you time to put careful thought into which items you’d liked to keep, give to friends and family, donate, sell, recycle, or throw away.

4. Ageing In Place

Another major perk of downsizing? Accessibility. As opposed to worrying about retrofitting your current home to suit your changing needs, you can opt for a home-for-life property that allows you to age comfortably in place. Features may include one-level living (no stairs!), wider hallways (wheelchair and walker accessible), step-in showers, etc.

5. More Time For You

Think of how much time you spend maintaining your current home. Now imagine how much time you’d regain if you weren’t stuck mowing the lawn, shovelling snow, cleaning, organizing and making repairs. You’ll finally have the time (and money) to pursue your hobbies, travel, engage in recreational activities or simply kick back and relax.

6. Move Closer to Friends and Family

Whether it’s finding a home in the same neighbourhood (or one close by), or relocating to a different city entirely, downsizing gives you the chance to be closer to friends and family. Alternatively, many downsizers opt to move closer to the airport to make travelling to see loved ones more convenient.

For further downsizing related information, we invite you to download your very own FREE copy of our Step By Step Guide For Downsizing Your Home. Learn everything you need to know about:

Signs it’s Time to Downsize Defining Your Wants and Needs
Selling Your Current Home
Downsizing Tips
Working With a REALTOR®
And More!

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Photo credits: Shutterstock.com

Tags: buying, selling

Categorised in: Downsizing

This post was written by Terry Paranych Real Estate Group