If you’ve been thinking about shrinking your square footage and moving into a smaller home, you’re probably well-aware of the obvious advantages: There’s less to clean, heat, and cool, which means a savings of time and money.
But that’s only the beginning. Downsizing offers several other, less-talked-about benefits that make scaling back very appealing. Take a look at some of the big things you stand to gain by going smaller.
1. Enjoy that equity—you’ve earned it
When you sell a home you’ve owned for years, possibly even decades, chances are you’ll have built up quite a bit of equity as you’ve paid your mortgage month after month.
There’s a good chance that whatever smaller home you buy will cost less than the bigger one you sell. So, you may want to consider taking the left-over cash and fulfill a lifelong dream. Maybe you’ve longed to travel the world? Perhaps you’d like to retire early, or cut back to part-time employment? Having extra funds from the sale of your home allows you to consider these options.
2. Savor newfound time
Owning a smaller home typically means you’ll spend less time maintaining the interior. But don’t forget about the hours you’ll save on outdoor work if you minimize your acreage.
Should you choose to live in a condo or apartment, all that (often back-breaking) exterior work is handled by a maintenance team. Watch and enjoy as your weekly to-do list shrinks in your new slimmed-down setting.
3. This is your chance to make a fresh start
If you’d like to change your lifestyle completely, downsizing is the perfect time to make a fresh start. Embrace the cultural opportunities and mass transit convenience of a big city by finding an urban area that keeps you busy. Or, put down roots in the countryside and enjoy the scenery and sounds of nature.
4. Enjoy more togetherness
When you’re not separated by multiple levels and extra space, you’ll find yourself spending a lot more time with family. If you’ve grown tired of yelling upstairs or down to find your partner, pet, or child, moving into a smaller home may offer the togetherness you’ve been missing.
5. Feel better about your carbon footprint
Because you’re in a smaller dwelling, most likely you’re using fewer resources such as electricity, heat, air conditioning, and even water for the lawn.
If you’re in a walkable area, you can also save on gas and feel good about decreasing pollution while keeping more cash in your wallet.