Should You Downsize Your Home?

Personal finance

Are you living in a pretty big place right now? Do you find yourself with plenty of extra space? This could be a problem.

A few summers ago I was working construction with a friend. We were working on a small house on a street filled with big homes. After a few days I found out that the lady that was moving into the small home, was the owner of a much larger place down the street. I was wondering as to why this person would want to sell a large home and move into a tinier place? Who does that? Why would anyone downsize?

Then my first explained this financial experiment to me. There comes a point in a person’s life where they need to cut back and minimize their expenses. For this lady she had decided that the larger house wasn’t worth it anymore. She wanted something smaller. She wanted to try living in a smaller space. Why not?

When does it make sense to downsize your home?

When the bills get too high.

You could lose your job, the bills could naturally get higher, or you you might want to start saving more money. The point is that there’s going to come a time where the bills are too expensive and you want to find a way to stop spending so much of your income on your property. If you just don’t have the income to cover the bills, you need to move into something smaller.

When a few people leave your home.

If a kid moves out, someone goes away for college, or a relative gets their own place, you may want to consider downsizing and finding something smaller. The reason that you live in a larger place is likely due to the amount of people that lived with you. When someone moves on, it might be time to downsize your place.

When the work becomes too much.

Due to the health problems, time constraints, or less help around the home, the workload can get too hectic for you. This is perfectly common. How are you supposed to cut the grass or shovel the snow when you have back problems? How are you supposed to maintain a home with poor health?

When you want to retire.

My friend’s parents bought a condo out of town when they decided to retire. They were getting old, their kids had moved out, and it was time for them to cut back. They were happy to find a nice condo that didn’t require the same maintenance as their much larger home did.

You’ll know when it makes sense to downsize and find a more cozier home.

What are some of the main benefits of downsizing?

  • Save more money.
  • Less work around the home.
  • Less hassle.
  • Move to a more convenient location.

As you can see there are many reasons for downsizing your current place. Have you thought about trying this financial experiment? This won’t be for everyone. If it is a right fit, then you can find yourself saving tons of money and being much happier.


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