Chicago is a city of skyscrapers and striking architecture. Every year a number of people visit Chicago with a dream and start living there. The luxurious apartments of this city and the lifestyle makes people fall in love with Chicago in no time.
But if you are considering moving to an apartment in Chicago, what are the essential aspects you should consider?
Is selling your current home a good idea? Should you think about downsizing to an apartment?
The questions we mentioned above can be considered the F.A.Qs when considering selling your home in Chicago or finding apartments to choose from in Chicago.
Downsizing to a Chicago Apartment: The Fact
If you think the average size of a standard apartment should never be less than 1500 to 2000 square feet, then we are sorry to burst your bubble! In Chicago, you will get many apartments to choose from, but most of the apartments are much smaller than that countryside house with giant dining halls you always dreamt of.
Moving into a downsized apartment may feel like a step-down, but there are a lot of benefits in doing so. Downsizing could be just the new start you and your family need.
Downsizing to a Chicago Apartment: The Why
Let's see how opting for a downsized apartment in Chicago can be a financial gain.
Repaying Loan
If you are being haunted by the debt ghost, well, downsizing your home can help you keep up with your debt payment. Let's say, you need to return $15,000 on a certain student loan. With a 6% interest rate and a minimum payment of $180 a month, you'll be repaying on that loan for 10 more years.
But with an additional $500 at that loan each month, you will be off debt much sooner then. You will be able to pay that off within two and a half years. The money used by downsizing can help you become debt-free much more quickly.
The Retirement Plan
Once you're debt-free and already have an emergency fund, it's time to build assets for the future. Instead of looking for bigger houses, save that wealth and start investing for the retirement years. Even a $500 investment can grow into whooping $1 million (30 years tenure) due to the compound effect.
Other Aspects to Consider
Downsizing to an apartment means lower bills, less upkeep, and more time to live a stress-free life. If you are downsizing after retirement, it means you can pick a property that will be suited to your requirements as you get older. It will allow you to get rid of maintenance-related stress and can make your life simpler.
How to be Prepared before Downsizing?
Mindset Shift
There is no harm in dreaming of a big house where you can proudly play your grand piano. But the conflict between dream and reality is based on a lot of external factors. It can be an overwhelming experience. But stick to your why.
When you decide which apartment to choose from in Chicago, you will get an idea of how much you can take with you at the time of shifting. Let go those things which you don’t use anymore. If you have some useful things like old books and school supplies, you can donate it to some charities. You may choose to live in a downsized apartment but don’t overcrowd it rather, find those things which are useful but sleek at the same time.
Smart Furniture
Have you ever watched the tiny house videos? If not, they can be a good source of inspiration as you move into your new smaller home. You will get to know about a particular kind of furniture known as multipurpose and space-saving furniture. That kind of furniture is ideal for your small and cozy apartment.
Final Thought
The challenge of shifting to a downsized apartment from a big house is not an easy decision to make. It is okay if you have a lack of clarity and indecision. But as they say, 'change is the only constant in life,' and we should adapt to the change as a human being. A home is a place where you get the peace you need.
