A natural step in the cycle of homeownership, downsizing from your family home to something smaller and more manageable is a process that brings plenty of advantages. With that in mind, taking a proactive approach to this transition and downsizing early can help you enjoy the perks sooner than you would if you waited.
In this blog post, we’ll look at some of the most compelling reasons to consider an early start to your downsizing journey. Keep reading for more insights.
Free Up Your Finances
One of the best reasons to begin your downsizing journey early is that it can free up some of your financial resources, which in turn, can provide greater peace of mind and more opportunities to enjoy your next chapter. Downsizing allows you to unlock the equity you’ve built throughout your years as a homeowner and enjoy reduced carrying costs once you’ve moved to a smaller space.
Speaking generally, a smaller home usually translates to smaller costs like more manageable mortgage or rent payments, decreased utility bills, reduced insurance and maintenance expenses, and more. With these reduced costs, you’ll find yourself saving a substantial portion of your income, which can be redirected toward investments, new experiences like travel, or even an early retirement.
Spend Less Time on Housework
Another reason to downsize early is that it allows you to streamline your home, spending less time on chores and upkeep of the property. A larger home often comes with larger responsibilities. Cleaning, maintaining, and repairing a spacious dwelling can be a time-consuming and even costly endeavour. Downsizing means less square footage to manage, making keeping your living space clean and organized easier.
With fewer rooms to dust and less square footage to vacuum, you’ll have more free time to pursue hobbies, spend quality time with loved ones, relax, or however you would like to spend your next chapter.
Transitioning to a new living space? Check out these blogs for helpful tips!
- The Costs of Moving & How to Make it More Budget Friendly
- Can You Buy a Home Without an Agent?
- How Long Should You Plan Ahead Before Buying a Home?
Pack Up And Go
One of the perks of downsizing that is often overlooked is the increased mobility it offers. Because smaller homes usually come with fewer maintenance responsibilities, you’re able to leave or travel for extended periods without worrying about upkeep. As an example, living in a condo means you can take that dream winter vacation without worrying about who will shovel the walkway or driveway while you’re away.
Along with the practicality of managing a smaller home, the reduced financial burden of a smaller mortgage or rent payment means more disposable income to allocate towards travel expenses.
The Chance to Retire Early
For many, the dream of early retirement seems like an unattainable goal. However, downsizing early in life can significantly contribute to making this dream a reality. As mentioned earlier in this post, financial savings from downsizing, coupled with reduced living expenses, can create a faster path to financial independence. So, with fewer financial obligations and a simplified lifestyle, you may find yourself in a position to retire earlier than you initially thought possible.
If you’re looking to speed up your path to retirement, take time to meet with your financial planner. They can help you build a personalized plan to help you get where you want to go. You can also work with a local real estate agent who can provide you with in-depth insights into what your current home’s market return may look like and what the approximate costs of a smaller place will be.
Have more questions about the process of downsizing your home? You may find the answers you need in these related readings.
- When is the Right Time to Downsize?
- Where to Start When Downsizing Your Home
- Common Misconceptions About Ontario Real Estate
Embracing Quality Over Quantity
Another reason to downsize early is that it creates an opportunity to streamline your belongings. With limited space, downsizing will require you to prioritize the importance and functionality of your belongings over sheer quantity. This often results in a curated collection of items that hold sentimental value or serve a specific purpose.
Instead of being surrounded by clutter, each item in your downsized home becomes intentional, contributing to a living space that reflects your values and personal style.
Ready to start your next chapter? Bosley Real Estate can guide you through a smooth transition. Give us a call at 416-322-8000 or email info@bosleyrealestate.com to get in touch.
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