Your children moved out years ago but you are still living in the family home you raised them in. Their rooms are full of childhood trinkets and your basement full of boxes you have not looked in for years. You and your partner have been starting to think about downsizing but it feels overwhelming so you keep putting it off. Taking some time to think about the benefits of small home living may help you move forward.
While entering a new phase of life does carry some stress with it, change is good and moving forward does tend to ease worries in the long run. Living in a house that is too big for your needs is not only unnecessary, it is also costly and time consuming. If you enjoy sunshine, the Penticton real estate market is a good place to start considering a move to a smaller house. Here are some reasons why small-scale living is great.
- Financial Freedom
Everyone dreams of one-day obtaining financial freedom and downsizing the family home is a big step in this direction. Larger homes cost more to maintain and heat or cool. Also, if you sell a bigger property and replace it with a smaller one you will likely have some money left over to create a decent sized nest egg. Your mortgage payments are also lower meaning more for your savings or travel.
- Less Time Spent Cleaning
Bigger homes have more rooms which means additional cleaning. Think about the extra time spent vacuuming, dusting and tidying. Less square footage creates a scenario where instead of spending hours each week tending to your residence you can start doing what you want. Take up a hobby or just put your feet up for longer every day.
- An Incentive to Declutter
When we live in a home for a long period of time we tend to accumulate a lot of stuff eventually leading to a crowded and cluttered home. While you may have organized all of it into storage boxes stacked in the garage or basement it is still taking up room in your home and in your life. Downsizing helps to make it a priority and though it may be overwhelming at first once you are finished it will feel like a weight has been lifted.
- Reduction of Maintenance and Upkeep
Life in a smaller house is simpler and you will have to worry less about the upkeep and maintenance of the property. Shrinking square footage means fewer chores such as cleaning what feels like miles of gutters, as well as mowing a larger lawn and the weeding of big flower beds and gardens. While you may still have a lawn and a garden they will be on a smaller scale which points to more time for your hobbies and adventures.
- Time and Money to Travel
Often times people wait until after retirement to take that extended vacation they and their partner have always wanted to go on. Once your children have moved out and retirement is on the horizon you may begin planning it on paper instead of just in your mind. Downsizing to a condo or townhouse leads to more financial ease as well as not worrying about your home while you are away because they are maintenance-free.
- Move to a Prime Location
Family homes tend to be located more in subdivisions or residential areas that cater to families rather than nearly or newly retired people. You may find yourself squeezed out and surrounded by children playing in yards all around you. The nice thing about downsizing is you can buy in a location that is influenced by others who are in your shoes. Buy close to shops and amenities as walkability is always an added bonus.
- Comfort and Less Unused Space
Smaller spaces can be made into cozy intimate environments that create a welcoming and inviting atmosphere. Less square footage does not have to mean cramped quarters but can instead lead to creative and inventive ways to enjoy your home. You will have fewer empty unused rooms and can feel proud you are now utilizing your whole residence without wasted energy.
- Memories Instead of Possessions
In younger years we often spend a lot of time and money accumulating stuff. Things we need to raise a family and keep a household running. During our later years we can begin focussing on making memories as we no longer need so many items to live comfortably.