So you might have noticed that right now there is a big push towards downsizing. In the most recent Federal budget, the government is attempting to provide more incentives for the average Joe to downsize. They also want to encourage older home owners to think about selling up and buying smaller.
Downsizing boasts quite a few benefits, not just for those left with an empty nest – but living big doesn’t always mean living better. Key benefits include saving money, energy and resources. You can also save time on the upkeep of your home if you downsize.
Here are the top 6 benefits to downsizing your home:
1) Having Less Stuff
There’s a flaw with the space in your house – you feel the need to fill it up. We all do. In many cases though you won’t want to have big empty spaces. It’s natural that we want to fill our homes with things that make it quintessentially ours.
If you downsize, you’ll find that you won’t be paying out for large pieces of furniture, rugs, art and more in order to fill the space – you won’t have the space to worry about. This will mean you’ve got a bit more cash in hand to enjoy.
2) Saving Money, Stressing Less
Living in a bigger house can mean that you need to spend more time on its upkeep and maintenance. Everything from cleaning and gardening to furnishing and fixing faulty appliances – you can reduce this workload by downsizing.
A downsize will mean you have less responsibility to maintain, giving you increased cash flow and a greater flexibility in life – potentially reducing stress levels. You’re freer to go out and enjoy your life rather than having to sink countless hours into the upkeep of your property.
3) Being Closer Together
If you’ve got a family living together, you might find that you’re all a bit spaced out in a larger home. One benefit of downsizing is that you’ll reduce the hallways between bedrooms and become closer together.
This might seem like a nightmare for some people, but if you’re organised and can make compromises with one another, you may even bond a little bit more. Sharing a bedroom with siblings can help to teach children how to share and be patient with one another – let alone the fun they can have.
4) Reduced Bills
You might be able to reduce bills such as energy and water bills. Smaller properties use less energy for heating and electricity – therefore your monthly bills could be slashed considerably. The average utility bill for a flat in Sydney was £202/month.
Let’s not neglect to mention that you’ll also be doing your part for the environment by downsizing, as your property will be producing less harmful emissions – not to mention the reduced consumption of energy.
5) Starting A New Chapter
If you downsize by reducing your costs such as the mortgage and maintenance, it will mean you may have extra cash in hand to enjoy. With the extra money in the bank, you can potentially enhance your lifestyle – why not take that trip of a lifetime you’ve always fancied?
Travelling can be less of a hassle when you downsize, especially if you live in an apartment that you can just lock up and go – rather than having to make sure everything is secure around the property before leaving.
6) Retirement Downsizing
If the kids have flown the nest and you find yourself pottering around the house, it might be time to downsize. This can help you to release capital in your property – providing you with a significant ability to change your lifestyle.
Downsizing for retirement can also have the benefit of reduced outgoings, council tax, repairs and maintenance – giving peace of mind for the future. It can also provide you with the opportunity for looking at properties with more accessibility for the twilight years of life.