Five Reasons to Downsize Your Home
By Peter Sarmas on 12 Sep 2013
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Thinking of downsizing to a smaller home? There can be enormous benefits in doing so.
Homeowners across the country are realising that living in a big house is not all it was once thought to be. If you currently live in a large house, you will already be well aware of the many burdens involved. From high mortgage repayments to rising energy rates to endless hours of maintenance, a big home can be a big hassle.
Nodding in agreement? Is it time to trade in your home for something smaller?
Read on for our top 5 reasons to downsize your home.
1. Save Money
One of the biggest benefits of downsizing your home is the financial benefit that is involved.
Generally speaking, a smaller home of a similar style in a similar area will require a far lower mortgage, meaning lower repayments and more money in your pocket.
While a big house can be necessary for those with a big family, if your children have since moved out and you are now an empty nester, you could be paying for a lot of unused space which you realistically have little use for.
Consider making the change to a smaller house and putting your hard earned cash to more practical use.
2. Save Energy
With a large home, higher energy prices are inevitable. It is far more costly to heat or cool a larger space than it is a smaller one, and this will without a doubt be reflected in your energy bill.
Should you choose to downsize to a smaller house, you can expect to find the price of gas and electricity far more manageable, and will ultimately save you even more money than continuing to live in a large home.
3. Make the Most of Your Space
As any woman who has even owned a large handbag will tell you – the more space you have, the more you feel the need to fill it.
If you are living in a big roomy house with lots of space to spare, you’re most definitely going to want to fill it up with furniture, home décor, appliances and electronics. No one wants their home to feel “empty”, and filling up a big house can mean the difference of thousands of dollars compared to the price of filling up a smaller house.
With a smaller home, you are more likely to make better use the space you have. While two living areas may seen nice, do you really need that spare space? Do you really need to spend all that extra money to fill that additional space?
4. Less Maintenance
Big houses tend to come with big yards, and a big yard usually signifies lots of time spent on garden maintenance. If gardening is not your forte, this extra chore can be a headache many of us could do without – and the extra hours of upkeep don’t end in the garden.
Consider the time spent maintaining the inside as well as the outside of a big home, compared to a small one. Over the years, the time really does add up. If you are thinking about trading in a larger home for a smaller one and the maintenance aspect is one of your main reasons for doing so, you may want to look into properties with body corporate schemes that includes garden and outside of house maintenance.
5. More Time
While it is obvious that less time spent doing housework and maintenance is going to give you more free time, with lower mortgage repayments and a decrease in your energy costs, you might even find yourself in a position where you are able to cut back on work.
You might be surprised at how much downsizing your home can free up your time for other activities. You will probably find that you have more time to spend with family and friends, more time for hobbies and recreation, and more time to simply enjoy your life.
If you are thinking of buying selling or investing and would like a FREE 5 minute chat
with Street News Director Peter Sarmas, please contact him on 0418 740 606
or via email at [email protected]
