3 Good Reasons for Downsizing Your Home

Today, many Americans assume that living well means living large. Unfortunately, large homes often lead to over-consumption and the impulse to buy more stuff. Because of this, many homeowners are taking an exciting new step: they’re downsizing. While the thought of downsizing your home may immediately make you flinch, there are several smart reasons to take the step. Read on to learn more:

Downsizing Your Home: 3 Reasons to Take the Plunge

1. You’ll save money

One obvious benefit of a smaller home is lower utility bills. Small spaces take less energy to heat and cool and generally consume fewer resources. What’s more, living in a smaller space will also help you save money on services like house cleaning and gardening if you use them, and the mortgage on a smaller home will likely be less than the mortgage on a larger home. Once you start noticing savings, you can allocate that money to paying off debt or saving for a big life event – like your dream trip or retirement.

2. You’ll spend less time on housework

The benefits of living in a small space don’t stop with finances. As a general rule, people who live in small spaces spend less time on sweeping, vacuuming, cleaning, and repairing pieces of the house than individuals who live in larger spaces. This free time can be used to pursue a new hobby, spend more time with family and friends, and do things you enjoy.

3. You can pay off your mortgage faster

Many homeowners choose to downsize in order to live a mortgage-free life. By selling a large home and using the proceeds to buy a smaller home, many homeowners manage to buy a smaller home with cash and put the remaining money into an emergency or retirement fund. Even if you can’t pay cash for your new home, decreasing your mortgage and putting at least 20% down on your new mortgage allows you to save big bucks on your home and pay it offer sooner than ever before.

Living Large Means Living Small

Right now, many Americans around the country are trading in their large homes for smaller places that allow them to slow down and enjoy the pace of life with more money and fewer time-sucking responsibilities. Regardless of why you’re considering downsizing your home, there’s no doubt that the decision to do so is a smart one that can help you improve your life and enjoy your free time more.