You may wonder why some people choose to downsize and live in a smaller home instead of opting for a more spacious and luxurious one. Downsizing your home can create both advantages and disadvantages, of course, but there are actually a lot of benefits to downsizing your home, most of which are financial.
Below are some of the benefits of living in a smaller house:
- Less spending on home decoration. If you have a smaller space inside your house, then there will be fewer areas to fill. That means more savings when it comes to home decorating. You will not be as easily enticed to buy a new table or a new cabinet to fill an empty corner.
- Smaller mortgage payment. When you compare the monthly mortgage payment of a big house and a small one, the difference can be staggering. The difference between two mortgage payments can also make a significant impact on your savings. Smaller houses usually equate to smaller mortgage payments, which means more money for you to put toward your savings, paying off other debt, or treating your family to a nice vacation.
- A cozier environment. When you have a bigger house, you can sometimes lose the sense of coziness, especially if there are not enough people to fill the house. When a house is too big for a family, it can be easy to feel exposed and not as comfortable as you might expect.
- Less maintenance. A smaller home is easier to maintain since there are fewer spaces to clean. Plus, the extra time you save by cleaning a smaller space can be used to spend on your family or your favorite pastime.
- Energy savings. The extreme hot and cold months require using more of your air conditioning unit or heater. If you have a larger home, your heating and cooling systems will have to work harder in order to heat or cool the entire house. That means more energy usage, which consequently increases your bill.
- No empty rooms. Your house will not feel empty because each room will be fully utilized, rather than sitting there waiting for guests or storage.
- A simple and stress-free life. When you have fewer obligations and financial responsibilities, you have more freedom to enjoy your life without worry. Simplifying works wonders for mental and emotional health.