If you’re thinking to downsize your home, read below…
In 1973, the median U.S. home size was 1,525 square feet. Since then, builders have gradually increased the square footage of the homes they construct.
In 2007, home sizes hit their peak (2,227 square feet) and have been dropping ever since, according to the Census Bureau.
Although Americans aren’t quite ready to give up their McMansions, the trend to downsize your home is here.
A smaller footprint has its advantages. Let’s take a look at some of them.
Money Saver
The most obvious advantage to downsize your home is the monthly payment will be lower than it would be if you bought a large home. Less obvious money-saving advantages include:
- Lower utility bills – less area to heat and cool.
- Smaller houses require less maintenance, which can cost a bundle with a large house — a smaller roof requires fewer materials to repair it, for example.
- Small homes cost less to keep clean – you’ll spend less on cleaning supplies and whatever you estimate your time is worth.
- Small houses cost less to furnish – the furniture that you do purchase will be smaller as well.
- Smaller homes have smaller tax bills.
The case to downsize your home to save money is even more urgent if you are nearing or in retirement. Annual property taxes and home maintenance can eat up a huge amount of your savings.
If you aren’t near retirement, think of what you can do with the money you will save after you downsize your home – like furnishing it with high-quality furniture and appliances that will last longer; another cost-saving advantage.
When You Downsize Your Home There’s Less Wasted Space
Lifestyles have changed since the days when formal dining and living rooms were in vogue. Americans are awake to the fact that they have been paying for huge amounts of space that they seldom use.
Today, a country kitchen or informal dining room suffices for smaller families. And, any extra space can be devoted to a home office or larger kitchens and bathrooms. After the recent pandemic, there are all sorts of changes homebuyers want to make.
One of the most common fears when considering a smaller home, however, is the lack of storage space. The solution? So it’s not just a process to downsize your home… but to downsize all your “stuff” too.
“We use 20% of what we own, 80 percent of the time,” according to Regina Brett at cleveland.com. This means 80% of our “stuff” just sits, taking up valuable space.
If you feel you can’t live without these belongings, put them in storage and pull them out on the rare occasions you need to use them.
The rest can be stored in a smaller home. Utilize the vertical spaces in the home. Place shelves above the washer and dryer or the clothing rod in the closet. Raise the beds to create storage space beneath them.
Peace of Mind
While living large is “impressive”, living small brings happiness, according to Stephanie Rosenbloom of the New York Times. Smaller homes require less work thus freeing up time for leisure activities and time to make memories.
Since they also cost less, the extra money can be used to create happiness. “Current research suggests that, unlike consumption of material goods, spending on leisure and services typically strengthens social bonds, which in turn helps amplify happiness,” Rosenbloom claims.
Yes, large homes still signify status – especially if the home is the luxury type. If you aren’t a member of the country’s 1%, however, smaller may just be better.
Reach out to me at 561-777-4089 if you’re thinking to downsize your home. It may not be a need today, but once you do it, you may ask what took you so long.
