Downsizing Your Home: 11 Reasons Why It Just Makes Sense
When it comes to your home, bigger isn’t always better. More and more South African’s are realising this and choosing to downsize. And, as it turns out, cost isn’t the only factor why…
The thing is, a large number of us will choose to downsize our homes at some point in our lives. This is mostly due to kids moving out and not needing as much space.
It seems a bit silly, doesn’t it? We work our entire life to try and afford a big and fancy home, only to downsize come retirement or even before this.
According to an article in Private Property, there is a host of reasons why people are choosing to sell their homes and move into something more affordable, a little cosier and a little more budget-friendly.
Here are the top reasons:
1. It’s more affordable to live in a smaller home
This is probably the most obvious reason why people downsize their homes.
Running a big household is expensive!
The bigger the house, the bigger the bills.
If you have a swimming pool or a large garden, then these costs will also come into play. Levies in residential estates are often higher for larger estates with larger homes.
And then there is the bond aspect. Some people may want to downgrade to help pay off their bond.
Finally, household insurance is typically more expensive when you have a bigger house as there are more items and building contents to insure.
2. The house and land is just too big for your family (or you)
Maybe the kids have moved out or your partner has sadly passed away, living in a big house as one person or even as a couple can feel quite lonely.
And not only that, the amount of time and effort that goes into the upkeep of a bigger home might not seem worth it.
3. It’s time to retire
We all know how the story goes, when we retire we tend to move into a retirement home to get the assisted care we need when we can no longer look after ourselves.
Of course, no one wants to think like that, but when the time comes to throw in the towel of the 9 to 5 grind, then moving into a smaller home will make your life a lot easier.
Perhaps you want to travel, see the world and explore? Then living in a smaller ‘lock up and go’ place is your best solution.
4. School and university fees
It’s not uncommon for parents to downsize their home in order to afford education fees and give their kids the education they deserve.
5. Debt catches up to you
It’s scary how quickly we land up in debt. Paying off cars, homes, student loans and other personal loans can easily amount to a very high number.
Selling your home and moving into a smaller place is a great way to pay off some debt and ease some stress.
6. It’s time for a simpler life
Downsizing your home often means downsizing your life.
When you move, it’s time to clean out your garage, get rid of your clutter and choose a simpler life. Smaller homes often force people to do this as there is just not enough space for all the junk from their bigger home.
Many choose to downsize their home in search of a simpler life with more time and money to spend on the things that matter.
7. You want to buy a second home to rent out
A number of home-owners choose to sell their big home in exchange for two smaller homes. That way they can collect rent from the second home and in time, have the property pay for itself.
8. It’s time to improve your quality of life
Living in a big home means big expenses, lots of maintenance and time spent on fixing and upkeeping.
When you downsize your home, you will find you have more money to spend on things like travel and other expenses, even groceries and clothes shopping!
Downsizing is appealing to those who want to have more freedom with their money.
9. You want to live a sustainable life
Living in a smaller home reduces your carbon footprint and cuts down on energy use. Perhaps you have sold your large home and with the money, have bought a smaller home and have installed solar.
A freestanding home with a number of entrances can be a security nightmare. Living in a smaller home or apartment in a secure complex or estate is less of a security risk.
11. Breakups and divorce
Sadly, relationships and marriages sometimes come to an end, and when this happens, it makes sense for both parties to move out of their shared larger home into two smaller ones.
Expert advice - moving into a smaller home does not always mean it is cheaper. Remember to factor all costs into consideration before selling your home and moving.
AND don’t forget to insure your home in case anything goes wrong.
Yours in hassle-free household insurance,