Owning a small home can benefit you financially as compared to owning a bigger one.
2020 has forced many of us to pause and reflect on what we truly value in our lives. This includes taking stock of what can be added or eliminated for a better life experience. For some people, downsizing their homes has been a priority due to income loss or reduction. If you’re thinking about downsizing your home, consider the following advantages that come with living in a smaller home:
1. You spend less money
Living in a smaller home means you will spend less money on your rent or mortgage. It also means you’ll spend less money on utilities, which invariably saves you money in the long run.
2. Smaller homes are more ‘homey’
Although huge homes provide the benefit of space, they can sometimes lack that homey feeling that makes a house feel like a sanctuary. It’s easier to make your space feel like home when your home is smaller.
3. You will use less energy – which impacts the environment positively
Smaller homes are more energy-efficient than larger homes, especially during colder months where electricity use tends to spike significantly. Having less space to heat or cool means that less energy is used, which is beneficial for the environment as your carbon footprint will be reduced.
4. It’s easier to sell a smaller home
The more expensive and large a home is the fewer potential buyers that will be interested in purchasing the home. This is because affordable housing appeals to a wider audience as compared to expensive property, which only a subset of society is able to afford.
5. You can prioritize what you truly value
We live in a materialistic society that encourages us to accumulate items at every turn. Downsizing your home will force you to reflect on what’s truly important to you, helping you declutter your space. Added to this, a number of scientific studies have shown that there is a strong link between clutter and mental wellbeing. By decluttering your space, you’re also symbolically getting rid of mental clutter and ensuring a clearer state of mind.
6. A smaller home equals less maintenance
Another benefit of living in a smaller home is that there is less maintenance required. This means you will spend less time (and money) cleaning and upkeeping your home, which could free up some time to bond with your family or participate in other recreational activities. Although downsizing can be a difficult transition to make, particularly if it is caused by unpleasant circumstances related to finances and affordability, there are a number of benefits associated with downsizing your home that can make this transition period in your life much easier.