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Essentially, downsizing means that you make something smaller. For the most part, I hear it in relation to houses. People think about downsizing their homes all the time. This means they go from a big home to a smaller one.
Why would someone do this, and is it something you should consider? There are pros and cons to taking this step, and here they are:
Pro: Save lots of money
This is the main reason for downsizing your home. A bigger home costs more to look after, while a smaller one is more affordable. Plus, when you sell your home, you will usually be able to buy a much smaller house and still retain a large portion of the sale money. Financially, it makes a lot of sense.
Con: You have to sell your home
Nobody likes doing this, and it can be a real pain in the backside. Selling your home can take a long time and be very stressful. Granted, with sites like We Buy Houses, you can sell your house much quicker than usual. However, this doesn’t take away the fact you need to clear out your house, move all the furniture, clean everything, and so on. It’s a lot of effort, too much for some people.
Pro: Afford to live in a nicer area
Thanks to small houses being more affordable, it means that you can now live in a much nicer area. In fact, loads of people downsize for this specific reason. They might dislike where they live, and they want to move somewhere nicer - or somewhere with better weather, job prospects, schools, etc. Moving from one house to a house of a similar size (but in a better area) will always be expensive. But, if you downsize, then it’s more affordable and realistic.
Con: Less space
Obviously, you have less space in a smaller home. When you downsize, you could end up in a property with fewer rooms than you used to have, and less overall floorspace. So, moving your possessions to this new house can be hard. You may find that you’re overly cramped - or that you feel suffocated.
All in all, downsizing your home can be a genius idea. Personally, it’s a concept that suits people in certain stages of their lives. If you live with your partner and have no ambition to have children, then downsizing is financially a smart thing to do. The same applies to people with children who have flown the nest. You no longer need a big home, so downsizing is more practical.
Having said that, it doesn’t work for people that still have dreams of growing a family. If you think children are on the horizon, or you want to have another child, then downsizing is impractical. So, should you downsize your home? Sure, but only if it makes sense for your life!
