Shabby Chic Boho Admit it or not, you’ll be alarmed if a friend rings to inform you that theyâre leaving their villa to settle in an apartment. Youâll perceive it as scaling down. Thatâs because weâre conditioned to think small things are inferior to larger things, be it a car or a house.
If you feel the same and are hesitant to move into a smaller home, this article will give you 7 reasons why it might be a good option.
But before we dive any deeper, you should know weâre talking about planned downsizing here. It means that youâre choosing to move into a smaller home before you’re forced to. Youâre planning ahead of the circumstances.
But why should you? Letâs check out.
1. Youâll save money on energy
Bigger houses demand more energy to heat and cool. Even if youâre using the latest energy-efficient technologies or insulating materials, youâll end up paying 3x more than a small-sized house.
For example, letâs compare a 5-bedroom house with a 3-bedroom house. Say you donât use all the rooms in a 5-bedroom house. Youâll still have to install more or higher-power air conditioners in each room. Thatâs because the covered area of each room will be significantly greater as compared to the rooms in a 3-bedroom house.
Moreover, this survey proves that heating and cooling tiny homes produces only 558 pounds of carbon dioxide, while an average house emits approximately 8000 pounds of CO2. So, by downsizing, youâll be saving money and contributing to a greener environment at the same time.
2. Cleaning will be cheaper
Sometimes, builders make more rooms within a large house, which reduces the area per room. But that too wonât rid you of extra cleaning costs associated with a large house.
Even if you decide not to use all the rooms in a house, youâll have to ensure they all get cleaned every once in a while. Thatâs because rooms left abandoned and unclean for months can lead to unhygienic conditions. They may become home to germs, insects, and even rodents, which will make the overall environment of your home unsafe (and scary).
The same applies to spacious backyards and front yards. They demand constant (and costly) maintenance. Youâll be spending your precious time and hard-earned money on maintaining an area that you donât even use.
3. Youâll have more money to invest in better avenues
As you can see now, downsizing helps you save a lot of money. Apart from reduced utility and maintenance costs, youâll be saving on property tax too. Land size is one of the factors influencing property tax, which is why a smaller house means a lower tax.
Other than saving money on recurring expenses, youâll also have a considerable amount at hand when you downsize. Say you sell a property worth $1000,000 and buy a small house worth $600,000. Youâll have $40000 at hand.
Although this might mean a reduced age pension, you can use this amount to multiply your money via other sources.Â
You can divide the available amount and make low-risk investments in stocks and real estate. It will help you secure your old age and acquire a steady stream of income with minimal input.
If youâll sell your only property while downsizing, donât forget to secure your newly-bought tiny home. Invest in insurance policies so that youâre not empty-handed in unfortunate times. For example, home and content insurance can help you recover the damage in case of theft or accidental loss and is a good option to explore. You can get an online quote here.
4. Smaller houses resell better
In terms of pricing, small-sized residential units cost much less than bigger ones, which makes them affordable for a larger share of the population. So when you decide to relocate and resell your house, you wonât have to wait for years to find a buyer.
Plus, a recent real estate survey listed a 6.5% increase in the number of small houses listed for selling. This is a positive market trend for both small-house owners and buyers. Owners can benefit from the greater negotiation opportunities that accompany this trend, while buyers have more housing options to choose from.
For big house owners, the market trends remain static and unpromising. Since a majority of people are opting to downsize these days, big-house owners might struggle with buying and selling.
5. Youâll be able to move faster
Along with quick buy and sell, tiny houses make the moving process easier. Less accommodation means you will have limited belongings. These will be easier to pack and transport to a new place.Â
6. Youâll be more productive
A smaller house means youâll be less involved in house chores and more focused on your goals. Smaller spaces and reduced belongings will make your place more manageable, relaxing, and conducive to deep work. You won’t feel the need to declutter now and then and wonât have to spend hours putting things back in place.
7. Youâll lead a better family life
Compact homes tend to bring families together. Even if your and your familyâs routines are different and you donât sit down together even once in 24 hours, youâll likely bump into one another multiple times a day.Â
The physical presence of your loved ones around you will impact your mental and emotional health positively. Youâll feel supported, loved, and motivated. Plus, reduced expenses of a small house would also mean that you can spend less time at work and more time with family.
Finally, families living in smaller houses usually have one living room. So, on weekends and holidays, you get to engage in collective activities instead of individual ones. These engagements strengthen familial bonds and help build healthier relationships.
