Even though this is not something that happens often, it gets to a time when a homeowner decides to downsize. While it might seem like a severe phase, several things can push you to decide to downsize. Here is everything you need to comprehend about downsizing and the pros and cons.
Why do people downsize
Before we look at the pros and cons of downsizing, it is vital to understand why people might choose to downsize. Here are the main reasons in this case:
- To save money
- To get rid of unnecessary items
- To reduce debt
- To have more options of homes and neighborhoods
Pros of downsizing
Now that we have looked at why people downsize, here are the main pros that come with it.
Less cleaning time
While cleaning is therapeutic, it can sometimes get annoying, especially if the house is big. If you are in such a scenario, it makes sense for you to downsize. Reducing the number of rooms you have to clean reduces your cleaning time by almost half. It will go a long way to ensure that you have more time to relax or do other things you love.
Increased cash flow
The bigger the house, the more money you are paying in mortgage or rent. If you look at the living cost in Arizona, you will realize that smaller houses get charged less in terms of mortgage or rent. You will save more money that you can use to buy assets or even pay off your mortgage faster.
The expense of running a smaller home is less than a big home. You will pay less on the electric, gas, and water bills. Since there are fewer rooms, less activity is happening, which will help ensure that you do not spend so much on heating or lighting the home.
The other thing you will realize with a smaller house is your stress levels are reduced. You will not have to stress furnishing extra rooms or repairing more rooms. You can focus on other things that call to your attention.
If you have been living in one area for a long time, then chances are you are getting tired of seeing the exact same things every day. A change of environment will do you some good. You can also choose the kind of atmosphere you want to move into, which has you thinking through your house and home goals.
Cons of downsizing
While there might be some positives of downsizing, there are some cons; here are the main cons.
Cost of moving
The one thing that will cost you when downsizing is the moving fees
While you might choose to hire a moving truck and pack everything yourself, it will still cost you money. If you are not ready, you might also damage some things on the way and need to replace them. That coupled with the stress of looking for a new home can take its toll on you. You have to be mentally prepared before you even take the first step.
Getting rid of things can be exhausting
The other thing you will notice is getting rid of things when moving to a smaller house can take its toll on you. If you have an attachment to your belongings, then chances are you will not let them go quickly. You might end up paying for storage, which beats the whole point of saving money on downsizing.
If you have a huge family or a lot of things, downsizing will mean making do with the smaller space you have. The idea will not sit well with so many people. If you do not like crowded areas, this is not the best idea.
If you plan to sell your house in Phoenix, it will help if you get a cash buyer. At Ez Maz Offer, you can get fast home offers that will ensure you have the money to buy another home in no time. They are fast, and you will not have to go through the unnecessary paperwork that comes with putting your home on the market. It makes the entire process seamless for you.