Taking care of big homes may prove to be an uphill task when a person gets older. For this reason, some senior citizens as well as young people consider downsizing, Even though there are usually mixed feelings when it comes to downsizing, the idea has quite some benefits, which we will discuss in this article.
- Less Clutter hence higher control: downsizing forces a person to get rid of some possessions hence making a person lighter, and more on top of things. Having fewer belongings makes it easier to locate your stuff hence minimising on time wasted while searching for certain stuff on end.
- Increased wealth: it is possible to save a significant amount of money when you live in a smaller house than a big one. Electricity and water bills, taxes, and home insurance cost much less when you live in a small house. Downsizing can also help in maintaining your debts by reducing your mortgage.
- Fewer chores hence more leisure: cleaning a smaller home takes less time than it takes to clean a bigger home. Many older people often find it an easier option since they do not have to worry about too much work maintaining their homes. It also makes it easier for one to plan a vacation free from home maintenance problems.
- A Higher level of investment: by downsizing you can sell off your big home, pay off your mortgage, buy a smaller house, and save the remainder of the money to generate more income for the future.
If you are the kind of a person who loves living a simple life while saving money for the future, then downsizing is the way to go. You can start by consulting a realtor to know the worth of your home and get better options for reducing your costs. This will enable you to get the best deal for both your houses.
By Mike Antczak – www.realestatemike.ca