Thinking of downsizing the family home? You’re not alone. Nearly one in four Americans wants a smaller home, according to a study from the real estate website trulia.com. Today, more people are choosing to sell their bigger homes and move someplace smaller. Here’s why.
Bigger Isn’t Always Better
The size of the average American home has swelled over the last few decades. In 1978, the average home was 1750 square feet. But today, homes have ballooned to an average of 2745 square feet, an increase of 57%. At least 23% of Americans say they would be happier moving into a smaller home.
You Can Make Money by Downsizing
The biggest objection to downsizing is the most obvious: you’ll have less space. So, what will you do with your large furniture, family heirlooms, and other belongings?
The answer is simple: sell your stuff. Anything that you can live without can be sold at a yard sale, or you can list it for sale on Craigslist or eBay. Then you can take the proceeds to the bank.
Simplify Your Life
What would you do with a few extra hours every week? Having less stuff around you also frees you up from having to do so much cleaning, maintenance and upkeep. That opens up your time for what’s really important.
Condos, lofts and townhomes typically maintain the landscaping for you, and provide other time-saving amenities. You’ll never have to worry about mowing the lawn or fixing the roof. Those services are included in your HOA fees.
Save More Money
In most cases, a smaller home means a smaller mortgage payment. Downsizing your home to save money frees up cash to expand your lifestyle. Or you can even pay off your smaller house early.
Downsizing also makes it easier to travel. Having less need for upkeep means you have fewer things to worry about while you’re gone. That peace of mind can be priceless.
Make the World a Better Place
Another hidden advantage to downsizing is the smaller utility bill. Your heating and cooling costs will go down, as well as your water use. Downsizing also means you’ll use less electricity, which makes smaller homes more earth-friendly. That not only puts more money back in your pocket, it’s also good for the environment.
Enjoy the Downtown Lifestyle
Smaller homes are often found near city centers with walkable neighborhoods. Being closer to the center of town gives you easy access to more restaurants, more culture, and more nightlife.
Best Tips for Downsizing
Today, moving to a new home doesn’t always mean moving to a bigger home. If you’re considering doing the same, here are the top tips for downsizing your home:
- Divide your belongings between what you must have, and what you could replace or let go.
- Get rid of old, broken or duplicate items.
- Sell your unwanted stuff.
- Organize your new, smaller home before you move in.
- As you acquire new belongings, let go of the old ones.
- Enjoy the extra time and money you’ve acquired through downsizing your home
If you want to start saving money and focus less on your mortgage and home upkeep contact HomeVestors to get cash for your home quickly.