Downsizing, for many, is almost a dirty word. It can imply that you’re not on the path to success, or that you can’t afford what you have. This type of thinking is patently untrue. In fact, downsizing can actually be an excellent idea, even if you’re doing well financially. Here are just a few reasons why you may want to downsize.
1. You Enjoy Your Spare Time
Bigger houses and bigger properties require more maintenance and care. If you’re getting bored of shovelling snow, mowing lawns, and all the regular maintenance that goes into a larger property, then maybe it’s time to find something smaller or simpler. Condos are an excellent way to have someone else do the major work, while a smaller property will simply take less time to maintain. And with your spare time, you can dedicate more of your life to your hobbies and passions, and less to chipping ice off the sidewalk in subzero temperatures.
2. You Like Adventure
The major reason people downsize is because they want to free up some cash. They either want a more permanent solution by lowering their monthly expenses, or they want to cash in on years of paying a larger mortgage. Whatever the reason or the result of your downsizing, you’ll be sure to have more money, and with more money you can do more things. Many people who downsize put their extra monthly savings into travelling around the world, or buying a vacation home in their favourite destination. It’s a great way to get out of the winter cold and see what the rest of the world has to offer.
3. You Hate Debt
Selling a larger home and moving into something smaller is a great way to free up some cash and pay off some debt. The large amounts of money can help you get debt-free faster, which is important for heading into retirement in a better situation. Taking some or all of the money you make by downsizing and putting it towards paying off debts will free up money in the future, and help you enjoy your later years with less worry.
4. You Hate the Commute
One of the most common ways to downsize, especially in Edmonton, is to move from the suburbs and back into the city. It makes your daily commute much more tolerable, but it also helps you save money on gas and vehicle maintenance. If you’d rather bike to work or be able to walk to the store, then downsizing can help you trade size for a better location, and help you save money along the way.
Downsizing isn’t just for people in over their head, it’s also for people who want to start living differently. If you have an itch to travel, want to get rid of some debt, or simply hate driving so long into work every day, then it may be time to downsize. With the right real estate agent, you can sell your current property and find the perfect new place, all while making more money and in less time than you may expect.