Downsizing Your Home: How It Can Help You Save Big

Older adults on an empty-nesting stage aren’t the only ones who benefit from downsizing. Anyone who considers moving to a new home with saving in mind or increasing their balance from mortgage refinancing might want to consider downsizing, too. It turns out, bigger doesn’t always mean better, and many homeowners have realized this.

Having a large home entails bigger energy bills, plenty of home items to purchase, and unanticipated expenses for maintenance. While having a vast space is a benefit, it isn’t always so when it comes to cashing out for the aesthetics and upkeep.

But is downsizing the right choice to make? Like the other options, it has its own advantages and disadvantages. Apparently, the disadvantage would be having a little space, which wouldn’t work for growing families, but would do well for the empty nesters.

The Advantages of Downsizing Your Home

These are some ways you can benefit from downsizing your home:

  • Saves energy

A bigger home comes with more rooms, which then means more need for heating and cooling. Lighting, water, and many other appliances—the expense of running a bigger home come at a higher cost.

On the other hand, a smaller home automatically means lesser energy usage. Learn about your current average bill and compare it to a downsized home. Get an estimate on how much you can save. You’d be surprised at the huge downsizing of your electricity bills, too.

  • Less compulsion to buy home items

The bigger your home, the more you feel compelled to buy furniture, appliances, and many other home items to fill in the spaces. You might not notice it, but you’re buying things, not for their function but to fill the empty corners of your home.

But if you’re into designing your home, smaller homes allow you to do so without spending much. Bringing life and color to small spaces is way easier. The key to spicing up small spaces is to design them with attention-grabbing pieces, bringing the focus to the decor and away from the size of the room.

  • Keeps you out of debt

Since you don’t feel like buying more items at home, you can manage your buying habits well. You will be able to curb your spending habits knowing that your home doesn’t have enough space to contain your purchases.

For people with spending issues, downsizing their homes can help keep them from maxing out their credit cards as they slow down their purchases. Bills, maintenance costs, decoration expenses, and more are significantly reduced, too.

tiny house

  • Makes your family closer

Small spaces turn out to be advantageous for families. Unlike having a bigger home with plenty of rooms, living in a smaller home can make the family even closer. A smaller environment makes them bond, work, and meet every day.

Tips for Downsizing Your Home

The key to downsizing your home is decluttering. Here are a few tips for you:

  • On lifestyle and motivation

Before you declutter, make sure you have the right intentions in mind. What are your reasons for downsizing? Is it that you want to save for travel or embark on a new hobby or lifestyle?

Let your downsizing intentions guide you through the decluttering process. The items you retain should be those that fit your new lifestyle, not because it still fits your new home. Take note that with downsizing your home comes the opportunity to get onto a new chapter in your life, so take advantage of it.

What makes you feel excited about downsizing your home? Create more specific goals to get you motivated enough throughout the process and help you clearly decide which items to keep and toss out.

  • On sentimental items

There will always be several items you can’t just simply let go of because of their sentimental value. In this case, contact your family members to give the item a new home. If this isn’t possible, such as if your family member is too young for it or doesn’t want it, sell the item but keep the money to give as a gift when the time is right.

You might miss the item, too, but you can memorialize it. You can create a photo album that lists the details, scan and upload the photo to your drive, etc.

  • On non-sentimental items

It will be easy to get rid of these items, especially those you don’t want to bring into your new home. Donate them up or sell them online through Craigslist, LetGo, eBay, OfferUp, and more.

You may also opt to donate the items to charities or non-profit organizations that accept clothing and home items. Salvation Army, Furniture Bank, Goodwill, The Arc, and Habitat for Humanity are just some organizations that pick up items by your door.

Time to Let Go of the Old

Change can hurt, but so is staying the same. Downsizing can be very exciting with the right intentions. It’s time to roll out the old life and pave the way for the new one.

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