The Disadvantages of Downsizing Your Home
While downsizing your home has many advantages, including financial advantages (eg, lower mortgage, lower taxes, lower insurance, lower maintenance, etc.) and non-financial advantages (less maintenance, less stress, more time to do the things you want to do, etc.), there are also downsides to downsizing your home.
Some of the disadvantages include:
- fewer belongings: Moving to smaller rooms will mean less living space. This will likely require you to reduce the amount of personal belongings you can keep and get rid of certain things that can bring back fond memories of years gone by.
- Closer neighbors and less privacy: For some, especially those who have been living in a townhouse, townhouse, or apartment, this may not seem like a big deal. But for those who have been living with a lot of privacy, the closest neighbors may not be so great. We live on a one acre lot and dread the day we will have neighbors above us. It can be much worse for those who live on more acres.
- Less space for guests: Fewer bedrooms means you’ll have less space for overnight guests, including family, friends, and even the grandkids. Although it can be a consideration, it shouldn’t be a big problem. A nearby hotel or motel can usually resolve this issue for you.
- space restrictions: Smaller homes mean less usable space. Living without a basement or garage may not be good for a handyman. Where do you keep your surplus items? And how about having to brush snow and scrape ice off your car during the winter months?
- Less prestigious homes: A smaller house in a less prestigious neighborhood may not be important to some. It will be important to others.
- Change in lifestyle: If you have enjoyed landscaping or gardening, your new home may not offer the same level of satisfaction as your old home.
When it’s time to downsize, remember this: Reducing the size of the house is a life strategy. For most people mentally prepared to downsize, it can be a good thing. And once your reduction is complete, you will most likely see a better quality of life.
Home Downsizing Tips and Strategies
- Although the advantages of downsizing may outweigh the disadvantages, you should consider the disadvantages before proceeding.
- Home Downsizing is a life strategy.
- For most, downsizing the family home can lead to a better quality of life.
