As a homeowner, it can be challenging to determine whether downsizing is right for you. However, by understanding what downsizing means and looking at the benefits, you can often make the best decision for yourself with relative ease.
If you’re trying to determine whether now is the right time to downsize, here’s what you need to know, courtesy of Clark Real Estate.
What Is Downsizing?
According to the Cambridge Dictionary, downsizing means moving “to a smaller home, usually because your home has become too large for you or as a way of saving money.” It’s a common activity among homeowners, particularly during significant life transitions.
For example, some homeowners downsize after their children head to college or otherwise move out, often because they no longer need as much space. Others decide to downsize as they prepare to retire, allowing them to simplify their lives, cut costs, modernize, and reduce home maintenance-related burdens.
Exactly how your new home differs from your last one can vary. In most cases, you’ll have less square footage when you downsize and might have fewer total rooms.
The Benefits of Downsizing
Decluttering Reduces Stress
Unless you previously embraced a minimalist lifestyle, there’s a good chance you’ve currently got some clutter. When you downsize, paring back on your belongings is typically part of the equation. Not only does it make it a great excuse to declutter, but eliminating that extra stuff can reduce stress. You won’t feel overrun by your belongings, giving you peace of mind.
Plus, there are plenty of simple approaches that make downsizing easier. You could try:
Less Cleaning to Manage
Another one of the major downsizing benefits is less cleaning. When your home is smaller (and there’s less clutter), your cleaning needs go down. You’ll have fewer surfaces to contend with and less overall square footage, letting you tackle all of your needs in less time.
Since your home won’t have as much maintenance, you’ll have more time to spend on activities you enjoy. If you’ve regularly felt pressed for time, that alone can make downsizing worthwhile.
When you downsize, there’s nothing that says you have to stay in the same neighborhood. Instead, you could set your sights on a new location, giving you a chance to reinvent yourself after you move.
In many ways, a move can be a fresh start. By coupling it with downsizing, you’ll get both benefits at the same time.
Smaller Energy Bills
When it comes to financial benefits, downsizing your home typically shrinks your energy bills. You’ll have less square footage to heat or cool, and that alone can make a big difference. Additionally, you might have fewer light fixtures or may be able to shift to smaller appliances that run more efficiently. As a result, your energy bill could go down quite a bit without you having to change your lifestyle.
Making Money from Your Home Sale
If your current home is larger than your new one will be, you have a money-making opportunity. Smaller houses typically cost less than their larger counterparts. As a result, there’s a decent chance you’ll earn a bit of profit on the sale that won’t have to go to your next property.
The extra cash could help you accomplish a variety of goals. You could eliminate debt, making your budget easier to manage. Handling a large purchase, tackling some renovations, or taking a vacation might also be viable options.
Try a home sale proceeds calculator if you aren’t sure how much money you could make by selling. That way, you can estimate the property’s value and your potential profit, giving you a decent idea of what to expect.
Protect Your New Home
When you downsize your home to save money, the last thing you want to happen is having to spend a lot of money out of pocket to fix several things breaking at once. You can protect yourself from this circumstance by finding the company with the best home warranty for your home. A solid home warranty will protect you in the event of an HVAC or plumbing issue, ensuring that it gets repaired quickly. All you’ll have to pay is the trade service fee. Read testimonials online to find the best provider for you.
There are a host of financial benefits to downsizing your home. If it’s time for you to downsize, get started decluttering and organizing, sell your home at a profit, and protect your new home with a warranty.
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Clark Real Estate
305 W. Moana Ste C
Reno, NV 89509
Reno Property Management