The Commonwealth Blog

Monday, June 10, 2019

Reasons to Downsize Your Home

Downsizing allows you to move to a more manageable home: It will likely have less square footage, fewer rooms, and less surrounding land. It’s common for empty nesters and recently retired individuals to downsize their homes as they enter their next phase of life. Here are some reasons why downsizing may be right for you.

You’ll Save Money

When you downsize, your monthly mortgage payments should decrease, which means you can put more money away for retirement. If you’ve already paid off your current home, you can purchase a smaller one with cash from the sale, and you won’t have to make any more mortgage payments. You can also pay off debt or help fund your children’s education with the extra money from downsizing.

You Can Lighten Your Load

Downsizing forces you to go through your things. If you can’t fit all of your belongings in your new space, you’ll have to decide what furniture, clothing, and miscellaneous items are worth keeping. Measure your new home or look up the floor plan online to get an idea of what you can bring. If you're initiating a purge, we suggest starting early so you have plenty of time to go through your items before packing up the moving van.

Once you narrow down your belongings and move into your new place, you’ll find you don’t have as many chores or things to take care of. You’ll no longer have to worry about mowing a huge lawn, for example, or cleaning second-story floors. A smaller home affords you a simpler life, which is appealing to many homeowners who’ve spent years maintaining larger properties.

You’ll Change Your Lifestyle

When you finally decide to put your home on the market, your life will be open to new possibilities. If you want to move closer to your children or parents, now you can. Some individuals want to be close to communities or landscapes that offer fun recreational activities. If you’re concerned about mobility, moving to a cozy one-story home is a great option. Whatever lifestyle change you want to make, downsizing can pave the way.

Enjoy Your Next Chapter

Now that you’ve downsized, you may feel freer. You’re no longer attached to a bunch of belongings or committed to an unrealistic amount of housework. If you’re in the process of deciding whether you should downsize, consider these tips to make a thoughtful decision about where you’ll move to next.


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