Should I Downsize My Home?12 May 2021
When we think of progress, many of us associate it with moving into a bigger home. However, downsizing can be a wise financial move, especially if you have plenty of room. Moving into a tiny house may look like a step back, but it comes with various upsides. Well, not many people dream about buying a small home. However, it requires minimal maintenance as you’ll not use much money on cleaning and upkeep. It’s why some people see this living as more of a forward step than a backward. Downsizing could be just what your family needs. But, let’s understand some things about this move first.
When Is It Time to Downsize?
If you desire to live a simple life, whether it’s due to retirement or money issues, then it’s time to consider downsizing. When your children grow up and move out of the house, you may be left with a big space that you aren’t using. In that case, you can consider moving into a tiny home. However, there are some instances where downsizing isn’t actually a choice. You will be forced to consider affordable living for financial reasons if you’ve lost employment, you’re not saving enough, or due to divorce.
What to Consider Before Downsizing
Size- where a person lives tells the world of who they are, in most cases. Most of us have planted the conventional thinking that bigger is better. Therefore, moving into a smaller space can be quite difficult. If size matters to you, you may find downsizing hard.
Your Current House- determine whether moving into a smaller house will feel like a step forward or backward. Your small house may not have all the things as with your current house, especially in terms of space. But while living big in a tiny house is possible, if your mind is still fixated on your previous house, it can be hard to move forward.
Think Long term- when downsizing, think of some possible events that might occur in the future. For instance, your adult children moving back into your home. Therefore, look for a small home that fulfils your emotional, physical, and financial needs.
Cost- you should budget for the cost of replacing furniture and clearing the stuff you don’t need or won’t fit. If the cost is higher than expected, you may start doubting whether downsizing is right for you.
Benefits of Downsizing
Clear Debt Faster- downsizing your home will leave you with some money to pay off your debt. For example, if you have a loan of $20000, which you pay a 5% interest rate and a minimum payment of $200 per month, you’ll be paying this loan for approximately 8 years. But, if you save some dollars by moving into a tiny house, you could use that money to repay your loan in much less time.
Boost Your Savings- if you are debt-free, downsizing could build a better future for you. That extra money you use on a large house could get into your retirement savings. And by the time you retire, you’ll have much money to get you through your golden days.
Are You Ready to Downsize?
Well, downsizing might not be right in every situation. However, if you want to save money or live a simple lifestyle, it makes sense. If you don’t know where to start with this, we are here for you. Teeny Tiny Homes is your solution towards downsizing. We love the idea of living in a small space while being able to take your home anywhere you go. It’s why we’ve built our homes to offer affordable and thrilling alternate living. We have various homes specifically design to match your preferences and needs. Our houses are affordable, flexible, and appealing to all aspiring homeowners. Contact us today for a quote.
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