Have you heard of the phrase, “the best gifts come in small packages”? I like to think the same can be said of real estate: some of the best homes are the ones that have been downsized. The world may be shouting at you to buy into the “bigger” philosophy – supersize your meal, upgrade your car to an SUV, purchase a TV with a larger screen and the list goes on. So then, why downsize your home? Here are just a few big reasons:
More Money
When you downsize your home, you are inevitably paying less for your utilities. You will have less square footage to heat and cool down and less energy will be needed for the space, which will have a positive impact on your bank statement. Moreover, it is very possible that when you downsize you will be spending less on your mortgage payments. You could even go so far as purchasing a home for significantly less than your current property so that you will have no mortgage whatsoever! This would make it possible to live an entirely debt-free life. While you can definitely upgrade your life while downsizing, having more money in your wallet at the end of the day is always nice!
The financial advantage from downsizing your home can be used as an opportunity to do the things you have been dreaming of. If you have children, you can use that money to help fund them through their postsecondary education. Downsizing is also a great way to fund your lifestyle as you approach retirement. Alternatively, if you have any debts, this is also a fantastic way to quickly and easily pay them off.
More Financial Investment Freedom
If you the property you choose to move to when downsizing has a lower price point than your current home, you can invest the money you have left over for interesting investment options. One option is to buy a second property such as a cottage or a vacation home abroad. Another option is to purchase a smaller property and use it as an investment property that can provide you income into the future. Just remember to do your homework about what it means to be a landlord before leaping to this opportunity.
Less Cleaning
Why downsize your home? Because you won’t have as much housework and yard work to do (or spend as much money having someone clean your house and maintain the yard)! With fewer rooms and fewer items within those rooms you will be able to reduce all your household tasks – giving you more time to really enjoy your home and your lifestyle.
Less Waste
Despite our greatest attempts to do otherwise, we as a human species are hoarders. If we have the space to fill something up, we generally will. If you downsize your home you will be limited in your space and only keep what counts. This also means that you will be less likely to buy things you don’t really need such as surplus food, clothing and home décor.
Why downsize your home? As you can see there are plenty of reasons. Which one appeals to you most? If you are looking to downsize your life and move closer to Toronto’s urban core, please do not hesitate to contact me! I have many listings that can fit your downsizing needs.
