Downsizing is a daunting process in which one has to sort out years of belongings and make tough decisions about what to keep and what to get rid of. Also, it is difficult to feel good about downsizing if you are shifting because of financial distress or health problems. But we are not here saying these are the only reasons for downsizing- Some may move to simplify their life, reduce their carbon footprint, etc. Below, we have given some advantages of downsizing that people who have shifted to smaller homes may not have realised. And after this, we will help you know whether you should opt for downsizing.
Why do people downsize?
There are many reasons for downsizing, some of which we have mentioned above. A few changes that make people think about downsizing are as follows.
- A big house where the children have moved out.
- Living in an expensive place which one can’t afford now.
- Simplifying way of life.
Benefits of downsizing
Downsizing will support your values and lifestyle and give you the opportunity to begin a new chapter of your life. Below are some more benefits of downsizing that you may not have expected.
1. Reduces your bills
No one can deny that downsizing helps you lower your monthly mortgage or rent payments. But a reduction in space will also help you save on electricity for heating and cooling your house. Maintenance costs of expensive apartments and homes are high, so moving into small spaces can also help you reduce these costs. These include costs of amenities, such as swimming pools and community spaces, and for home, it includes landscaping maintenance, painting exteriors and interiors, regular maintenance of cooling systems, and electrical and plumbing system.
2. Improves your mood
Small homes are easy to clean, and living in a tidy home uplifts mood, as per studies. Several studies suggest that a clean home helps reduce symptoms of depression, stress and anxiety. Also, living in a small home relieves you from the burden of possession that you may or may not require, which helps you create a serene environment at home and improves your mental health. However, if you can’t find a suitable home, a real estate agent in Mohali can help you search for the perfect one.
3. Gives more time
If you never have enough time for yourself and your family, then smaller homes can provide you with the time you are looking for. For example, you don’t need to spend hours watering lawns and cleaning 3-4 bedrooms. You can use the extra time to pursue hobbies such as dancing, reading books and playing badminton. A small apartment will give you more time to spend with your family, which will help strengthen your bonds with them.
4. Changes your lifestyle
Along with providing you time, reducing your bills and improving your mood, it will also give you the freedom to go on long vacations and weekends. This is because you don’t need to tell someone to take care of your house or garden when you are away from home.
Is downsizing right for you?
As we have mentioned before, people downsize for multiple reasons. And you can downsize at any time, but you need to do some research before moving, such as where you want to live and what kind of property will suit you and property dealers in Mohali can help you with it. Also, you should be realistic about things that you own as you need to sort them for moving. Separate things you feel emotionally attached to, keep those that you need and throw/donate that you don’t want. However, if you are downsizing because of a financial situation or divorce, it can be frustrating to do this.
A simple checklist for downsizing
- Ask yourself why you want to downsize, and if you are not happy, find out another solution.
- Think about the house/property where you would love to live in.
- Research the type of properties that suit you and find out whether you can afford them.
- Sort your belongings before listing your home.
- Prepare your home for sale.
The bottom line
Downsizing can be emotionally distressing to those who are accustomed to their homes or those who are moving because of some financial circumstances, but downsizing offers a lot of benefits and opportunities. From decreasing your utility bills and improving your mood to giving you more time to spend with your family and friends, it can be really exciting. And if you are investing in a property that is cheaper than the one you have sold, the extra money will help you enjoy your life in your new home.