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If you are a renter or homeowner, you have probably heard people talk about downsizing, and how it can change your worldview.
Downsizing can be incredibly advantageous, but only if you meet all of the basic conditions that it is supposed to remedy. While it isn’t for everyone, you can learn how downsizing your home might be a great way to put more money into your pocket, as well as happily and responsibly use your living space to its fullest potential.
Downsizing is basically moving from one house or apartment into another one that is smaller in size. This does not necessarily mean you are downgrading. Quantity does not always equate to quality in the housing market. By moving from a bigger home to a smaller one of comparable comfort and style, you can often save a lot of time and money.
Thus, anyone can effectively downsize, as long as they do so properly. Downsizing is a particularly common practice for retirees, as they may not need quite such a big home or apartment after finishing up with their work, and empty-nesters who don’t need all of their children’s old bedrooms. However, you may also wish to downsize if you have recently had a job change, want a lower monthly rent payment, or simply do not need the amount of space that you currently have.
There are many reasons that one might choose to downsize into a smaller home or apartment. By understanding these benefits, you can begin to come to a conclusion regarding what kind of housing situation meets your needs. Some of these benefits are:
By downsizing effectively, you can get the right amount of space for you and your family, while saving some extra money as an added bonus.
However, downsizing is not for everyone. When it comes down to it, saying goodbye to your home can be a difficult decision, especially if you have lived there for a while. Certain types of furniture, like especially big couches and armoires, may not be able to fit in a downsized apartment. There are no guarantees with regards to new neighborhoods, either. Moving means having to meet new neighbors, find new grocery stores, and even get new jobs and school districts. Those who are already deeply rooted in their community may have a harder time finding a way to downsize while still staying in their general area.
Additionally, downsizing just may not make too much financial sense in certain circumstances. The biggest point of downsizing is to save money, but if you move from a moderately sized house in the country to a small apartment in the city, you are likely going to have to spend more money on the apartment due to the convenience of living in the city. The attractions of living in the city may still make this move make sense for some. However, it is very important to keep in mind why you are moving in the first place, and how much money you are willing to spend on moving trucks, closing fees and your new rent/mortgage.
Whether you are leaning towards downsizing or staying where you are, it is incredibly important to sit down and consider all of your options and possible outcomes. Finding the right time to make the downsizing move can be tricky, and you may need to get a variety of opinions from your family, friends and even lifestyle professionals. Downsizing is a big step in your life, and it can come with some serious financial benefits if you choose to go along with it. Ultimately, while the final decision is yours to make, downsizing your home and possessions can be a big step towards making the most of your time and resources without worrying about building up towards the fanciest place to live.