The Pros and Cons of Downsizing Your Home
When thinking about downsizing, what do you imagine? Empty nesters choosing to live in a smaller home once their children have moved out? Seniors transitioning to smaller spaces in order to find more ease and savings?
While both groups are certainly among those downsizing in order to free up time, energy, and financial savings, anyone can contemplate a move to a smaller home.
While our culture often promotes “bigger is better” and that “having more” increases happiness, we know that isn’t always the case. Sometimes a “less is more” approach is better aligned with your lifestyle goals.
Different lifestyles require different choices so if you’re considering downsizing, this list of pros and cons will be helpful.
Advantages of Downsizing
- Financial
- A smaller home means less being spent on your mortgage, utility bills, maintenance, landscaping, etc. Less square footage means less space to heat, cool, and manage.
- Cash flow often increases after downsizing as you spend less on managing your home. This means you’re likely to have more money to allocate for things that are priorities for you and your family.
- Environmental
- With less energy being used to heat or cool your home, you are saving money AND reducing energy use, which is good for the environment
- With less physical space to store items, you are less likely to buy unnecessary items. Less consumption of clothing, food, and consumer goods is a positive choice when it comes to reducing waste.
- Time
- If you have less space to clean, more time will be available for personal projects, passions, and interests
- By reducing how much time you use to consider, plan, shop, and carry out the maintenance of a larger home, the more time you will have to do the things that matter to you most
- Life Satisfaction
- By reducing some of the stress and overwhelm that comes with managing a larger home, your mental health improves
- Enjoying your home more easily and more often results in feeling happier and more content with what you have
Disadvantages of Downsizing
- Space Restrictions
- Some homeowners may feel cramped by living in a smaller space where there is “less room to breathe”
- It may be harder to carve out quiet time on your own, away from other family members, in a smaller home
- Decluttering
- Moving to a smaller home would most likely require decluttering, which can be overwhelming and emotionally challenging for some (Simply Home Downsizing can certainly help with this, please reach out to us here)
- Making the time to declutter the contents of one’s home can be challenging for those who feel overextended
- Guests
- Hosting a large social event may be more challenging
- Providing a guest room for out-of-town guests may no longer be an option
- Lifestyle
- For those who place a high value on the image of success, a smaller home may not measure up
- Moving to a neighbourhood of smaller homes may not be a good fit for long-term “large home” owners
- Downsizing may be difficult for those who like familiarity and find lifestyle changes challenging
When you add it all up, there are clearly pros and cons to downsizing. A smaller home means fewer expenses and responsibilities, and more time and freedom. It could also mean major decluttering, a loss of identity and belonging, and less space for guests.
Every situation requires a unique approach to making the decision that works best for you and your family. We hope this list of downsizing pros and cons helps when deciding how you want to live.
At Simply Home Downsizing, we are always here to help at every step of the process.
