Maybe you've noticed that more and more people are beginning to think small. With the cost of housing, energy and interest rates on the rise, people are realising that bigger doesn't necessarily mean better and that downsizing to a smaller family home makes a whole lot of sense.
Whether you're an empty nester who no longer needs the big space in your existing home since the kids have grown up and moved out, a senior ready for a lower-maintenance, new lifestyle, a single person on a budget, or a young family keen to reduce your mortgage stress and build up your savings, scaling back on your current home and going for a smaller property has a multitude of upsides.
Here are some downsizing tips to help you out:
Get a fresh start
No matter what your reason for downsizing your home is, you can take the opportunity to get rid of all the clutter you've accumulated over the years, streamline your possessions and do some creative curating for your new space. With less space, you can keep the things that hold true meaning and get rid of anything you just don't need anymore. Hold a garage sale to drum up some extra cash to start your new chapter or donate those surplus items to charity.
A smaller home requires less furniture, appliances, electronic equipment, decorative items, floor coverings, and all the other bits and pieces you need to fill up a large, multi-level, multi-room space. Usually, when people downsize, the goal is also to save money since with downsizing comes a potential reduction in your mortgage or home loans – or, if you've built up enough equity, even going mortgage-free. With a cheaper property, you say goodbye to financial stress, and hello to a healthy savings account.
Cut back on maintenance
Let's face it – a big house needs constant cleaning, repairing and general upkeep that is costly, time-consuming and stress-inducing. Scaling back to a much smaller space means fewer home maintenance household tasks and trips to Bunnings that eat up your weekends: you'll have more time to relax and spend quality time with family members and friends, and generally enjoy a more balanced lifestyle.
Strengthen your ties
Closer quarters mean closer family bonds. It's too easy to spread out and do your own thing in a sprawling space. Learning to live together when you downsize to a smaller home can lead to more sharing, socialising, cooperation, organisation, compromise and better emotional connection between you and other family members.
Reduce your energy consumption
In addition to saving money, downsizing to a smaller home can lead to reduced costs for heating, cooling, utility bills and household appliances. This means an improved overall cash flow. If lower energy bills aren't incentive enough, consider how significantly you'll reduce your family's carbon footprint. The planet will thank you for it.
Simplify your life
There's a reason why minimalism has become so on-trend. Living lean and spending your money on actually enjoying your life, rather than just accumulating stuff, could offer you a much more sustainable and stress-free existence. With a little extra money in your pocket, to boot.
When you're going through the home buying journey, always seek out trusted real estate agents in your area, especially if you're buying a new property. If you're simply moving from one space to another, keep in mind to factor in moving expenses and stamp duty.
Let us help take some of the stress out of your move.