advantages_croppedEvery year, more people are opting for housing spaces that are smaller than the space they are currently living in. Whether you want to look for a smaller space to start a new family, or to get a place that need less maintenance and rent, there are many benefits of downsizing your home.

Accessing more home equity

Settling down in a smaller home is a good way of turning your home equity into savings capital, which you or your family can use for different purposes. The saved money can be invested in a better retirement plan, a vacation home, or even be contributed to educating your children or grandchildren. The amount of overhead costs you can expect is directly correlated to the difference in the size of your current home and the smaller home you are moving into. If you are moving from a 4,000 to a 2,000 square feet property, you may be able to get more home equity from downsizing your home.

Less maintenance

One of the main attractions of downsizing a home is less maintenance and more convenience. Homeowners, who previously resided in independent units, find it much more convenient to stay in a furnished apartment or a condo, where home maintenance is minimal. Apartments and condos do not require you to weed or mow your lawn, or take care of any exterior damage incurred on the living space. All this is taken care of, by the condo board for a minimum maintenance cost. Other maintenance like insulation, seasonal home adjustments, and ventilation are also looked after by the condo or apartment maintenance board.

Eliminating unnecessary rooms

Many homeowners with small families may not be using all the rooms of the house. If you are not using more than 70% of your current living space, then downsizing is the right choice for you. Too much living space generates an imbalance in maintenance costs and money. You may also have additional work such as, more floors that need vacuuming, more items that need dusting, and more rooms that need organizing. A smaller space not only reduces daily cleaning effort but also balances maintenance costs of all the rooms of the house.

Moving towards your passions

Many homeowners downsize their home to stay closer to the people they love. Downsizing gives you an opportunity to be closer to your family or to follow a passion, which your current location does not allow. For example, for a painter, a big house in the city will not allow him the peace and quiet he needs to paint. A small home on the countryside will not only provide a peaceful environment, but also give him picturesque landscapes he can use for his paintings.

Whether you want to be close to your work place, shops, friends, or family, downsizing can help you reduce travel expenses and increase convenience.

An excuse to eliminate clutter

Downsizing your home requires you to get rid of any items that you may no longer use. You can choose to give old items away to family members, donate them, or even sell them. Through this, you will be able to eliminate clutter and also make money in the process.