Downsizing your home can in fact improve your lifestyle

How downsizing can upgrade your life

Empty nesters are a common association when one considers downsizing. When their children leave the house, couples decide that the upkeep and costs of a larger property are no longer worthwhile and look to downsize. Downsizing, however, provides a new beginning and has undeniable benefits, even for couples with children still living at home. The perks of downsizing to an apartment, villa, townhouse, or even retirement community include fewer expenses, more free time, and lower stress.

Many homeowners are increasingly exploring the option of downsizing due to growing living expenses and interest rate increases. However, downsizing is not always a step down in terms of the standard of living; it may even be an improvement. Downsizing your home can in fact improve your lifestyle.

Let's explore the benefits of downsizing that can improve the quality of your lifestyle:

Increased cash flow

Several homeowners may have difficulty paying their monthly mortgage payments. However, if you can sell your present house and purchase a smaller, less costly one, your homeowner status won't be affected. You might be able to purchase your new home outright, giving you the opportunity to live debt-free. You may use the additional money you save however you choose.

Furthermore, downsizing your property can improve your cash flow since you'll pay less in rent or loan payments, rates, taxes, water, and electricity. Plus, you will pay reduced or no maintenance costs, such as those associated with keeping the garden.

Ability to buy in the same market

Downsizing to a smaller home does not necessarily mean cheaper. As a seller, having the option to purchase in the same market is an actual advantage. Downsizing does not mean that you should give up your current way of life or community either. These days, the desire for manageable houses in both freestanding and apartment types is increasingly valued by those who like living in neighbourhoods that appeal to them.

Extra time on your hands

A smaller home means less time spent on housekeeping and more time for hobbies and interests. You may now spend your time elsewhere instead of cleaning shelves and mowing lawns.

You can pick up new interests during your spare time, such as surfing, tennis, or joining a reading club. More time spent with family and friends might help you forge stronger ties and appreciate the little things in life more.

A chance to declutter

As we become older, we collect household and sentimental items. Personal belongings can easily turn into luggage, and without a good purpose to declutter, storage areas only fill up more and more quickly. Decluttering your possessions when you downsize your home gives you the opportunity to start over with a clean slate. When you downsize, you must prioritise your belongings and get rid of everything that is no longer useful.

No matter your reason to downsize your home, it's essential to research the neighbourhood, the style of property you want, and the amount of space you'll need. Knight Frank has a range of listings to make downsizing easier for you. Get in touch with our property practitioners to view these and more potential homes.

View our current listings to help you downsize:

19 Oct 2022
Author Knight Frank

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