16 Reasons To Downsize
Is downsizing right for you?
With the onset of the housing crisis and the U.S. economic downturn, more and more people have been working hard to scale back their expenses. That includes the percentage of their income they’re spending on housing, as well as the proportion of their overall budget going toward household expenses, transportation, entertainment and discretionary items including everything from haircuts to Starbucks. Many existing homeowners and first-time home buyers have been getting pretty creative when it comes to cutting their commuting costs, whether it means car-pooling, taking public transportation, moving closer to work, or eliminating a second vehicle altogether from the household budget equation. This has naturally led to somewhat of a trend in downsizing one’s house size since a lot of people no longer require a two-car garage. And yet there are a host of other reasons one might consider downsizing. For example, are you in the midst of a life-changing event? Do you dream of a simpler lifestyle, a smaller more manageable living arrangement, or one with less yardwork? Maybe you’re thinking about reducing your carbon footprint? Has your personal situation or job situation changed or is it about to change? Perhaps you’ve decided that the “McMansion” lifestyle isn’t really all it was cracked up to be – maybe it’s become too stressful, too financially burdensome, or no longer fits your lifestyle. Whatever the life change you may be experiencing, there are a number of benefits to be had by downsizing to a smaller single family home or condominium – and, surprisingly, not all of them are just financial.
So today we’re taking the opportunity to list the top 16 reasons why you and your family might want to consider moving into smaller digs, otherwise known as “downsizing”. Take a look – could you be a candidate for trading up…to a smaller home or condo?
1. Conserve energy (utility bills are lower)
2. Create better quality of life
3. Create peace of mind
4. Current home presents physical challenges (e.g. stairs)
5. Divorce
6. Fear of being laid off
7. Impending job loss
8. Impending retirement
9. Job loss
10. Live greener (smaller houses leave a smaller carbon footprint)
11. Lower taxes
12. Reduce expenses (lower payments)
13. Reduce stress (less cleaning, less yardwork, smaller financial burden)
14. Reordering your priorities (getting back to what’s important)
15. Save money (smaller houses are cheaper to run)
16. Soon-to-be empty nester
Have we missed any reasons why someone might want to downsize? If so, let us know. We’d love to hear from you!
Jolenta Averill is the owner of boutique Madison real estate brokerage Lake & City Homes Realty. She specializes in lifestyle, lakefront, and luxury homes. For more information about Madison’s most walkable neighborhoods, 55 and over condos in Madison or Downtown Madison condos, please contact her at Jolenta@LakeandCityhomes.com or call (563) BUY-SOLD.
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