Three Reasons Why You Should Downsize Your Home

Written by Posted On Wednesday, 23 October 2019 16:31

Real estate is not cheap and it definitely take a toll on your wallet. With the significant costs associated with buying or renting a home, many are considering downsizing to save some of their expenses and add a little more money in their pocket.

 

Read more to learn about the benefits of downsizing your home!

 

Reduced Costs

 

When you think of downsizing, the first thing that comes to your mind is most likely a smaller mortgage. However, there are also other savings that can definitely add up and help you significantly in the long-run. In addition to smaller mortgages, there are lower property taxes and insurance costs, as well as reduced quotes for future home improvements and renovations. Also keep in mind that moving to new homes or communities are associated with higher costs through new home values and new costs of living.

 

Reduced Environmental Footprint

 

Downsizing means to reduce and there are multiple things you will be able to cut down in your daily lives with moving into a smaller home and property - less water, electricity and gas are just to name a few. With these reductions, you have the opportunity to easily decrease your environmental footprint and be kinder to the environment, while also saving more money. Factors to keep in mind when moving are that higher density neighbourhoods offer shorter walking distances and better access to schools, parks and shops that can greatly reduce your need to drive. Another important factor to consider is buying a resale home as opposed to a newly built home, as a resale home reduces the use of construction contaminants and non-renewable resources.

 

Reduced Stress

 

The less you have, the less you have to stress about. Downsizing can be a great way to force yourself to reconsider which belongings you need and which you do not. Reducing the amount of goods you have in your home can be beneficial for your mental health as you have less distractions. Furthermore, smaller homes require less time and effort for housework and chores and can provide you with more free time for other aspects you would like to focus on. If you are a sociable person, smaller homes can be a great option as smaller neighbourhoods tend to consist of tighter, close-knit communities. 

 

Want to downsize but still hesitant or have questions? Do not hesitate to reach out to Jenn & Colin for more real estate insight!

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