This is a collaborative post.
Picture by Reiseuhu from Unsplash – CC0 License
For the real frugal Freddy’s and Frankie’s among you, you’ve likely considered downsizing your home.
There are a few terms in the property industry that cause us to believe bigger is better. The ‘starter home’ connotation is one of them. This implies you should and will move onto a bigger, better home when the time comes. After all, it’s people’s objective in life to climb up the property ladder not down. Well, not necessarily. If you intend to be frugal and live sustainably, a bigger home isn’t always the best option. And heading down the ladder may not be such a bad idea during your next property move.
For money-savers and those wanting to live a simpler life, less house often means more money and freedom. For a few of the advantages of downsizing your home, below are three for you to ponder.
Paying for routine window washes, mowing the lawn, and purchasing decorating materials to keep the house in good condition tend to be much more expensive for bigger homes. By downsizing, you can save time, money, and stress investing in maintenance for a bigger home over the years ahead.
In terms of maintenance, smaller homes are always the best. With fewer expenses and less square footage, it’s easier to keep your house clean and tidy. Meaning more time for you to do what you love.
You may think that downsizing to a smaller home means getting rid of at least half, maybe even two-thirds of your things. After all, there’s no room for three double beds in a one-bedroom apartment. But you don’t need to let everything go.
Understandably, a lot of the items you have possess value. Some have monetary value, meaning you could eventually sell them and add some money to your rainy day fund. Others have sentimental value, so, of course, you don’t want to let go of heirlooms or furniture that means something to you.
In this case, furniture storage units are an ideal option. You can store your excess belongings in a safe, clean space until you’re prepared to let them go or have found a space for them in your new home. Otherwise, you may want to save electrical items and furniture in a storage unit until your children move into their own homes.
Increase Your Income
By opting for a cheaper home to mortgage or a smaller house to buy outright, you automatically increase your take-home pay by reducing your monthly mortgage payment. With extra income to play with each month, and no need to fund maintenance on your home, there’s money spare to enjoy your life and relieve stress on your finances.
Above all, downsizing your home gives you more freedom and more money to live the life you want.