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7 Benefits of Downsizing

benefits of downsizing

Bigger is better. So we are told. We want bigger meals, bigger homes, bigger paychecks.

For years, we believed bigger is better. Recently, however, more Americans are considering downsizing.

The most impactful downsizing decision is to move to a smaller home.

Americans spend more on housing and more than 30 percent on food, transportation, health care or personal insurance and pensions, according to the most recent Bureau of Labor Statistics figures.

Census data indicate the average new single-family home is approximately 2,700 square feet, compared to less than 1,000 square feet in 1950.

With wages stagnant and costs increasing, more and more Americans are considering ways to increase cash flow. Many are choosing to downsize their homes.

The Benefits of Downsizing

1. More money

A larger house usually means a larger mortgage payment. It also means higher costs in maintenance, property tax, and utilities.

2. More time

Even if you have a housekeeper, a larger home takes more work—and, as a result, more money—to maintain. A smaller home takes less work and less time, leaving more time for other activities

3. More leisure

With more money and time come the benefit of more leisure.

4. Lower consumption

Not only are your expenses for heat and other utilities reduced in a smaller home, but you're also less likely to purchase items you can't easily store in your new home.

5. Less environmental impact

It's common sense: A smaller home requires less resources to build and maintain.

6. Lower stress

If you have more money, more time and fewer possessions to worry about, you're likely to experience less stress.

7. More security

Retiring Baby Boomers are already downsizing and selling their large homes, resulting in more larger homes available and, as a result, lower prices for those homes.

When it comes to downsizing, the sooner the better, advocates Kay Morrison, owner of The Occasional Wife, an organizing company. "One of the best gifts parents can give their children is to take care of all this while they are capable and healthy and can make decisions," she said.

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