If you want to spend less on mortgage payments so that you can save more money every month, you might want to consider downsizing your home. This way, you have extra money for other personal needs and emergencies. Plus, it is a great way to save up for other things like a dream vacation or perhaps a brand new car.
Moving to a smaller home on land for sale in Melbourne’s Western Suburbs makes perfect sense after the kids have left for college or if they already have families of their own. If you and your spouse are the only ones living there, the house may be more of a liability for you than an asset. Think of the advantages that moving to a smaller place can bring you.
Having a huge home can cost a lot in terms of utility bills. If you want to spend less on power and other bills, move to a smaller home. With a smaller house, you can decrease the level of energy being used at a given period. Reducing energy use is eco-friendly and helps in building a more sustainable environment.
When you have a small home, you have fewer rooms and spaces to clean and maintain. This means you have to spend little time doing household chores and leave fast when you have a lot of other important things to do, plus you get extra time to do the things you love the most.
The smaller the home, the lesser responsibility, better cash flow, smaller work and more flexibility, which sum up to a less stressful you and home overall. Downsizing offers all these benefits sans the stress of keeping up with everything. People in smaller homes appear happier and contented than they would at larger and more demanding homes.
What About the Downside?
A smaller space will offer you privacy and a chance at a fresh start, but there are also things that you will have to live with.
No Extra Space
You may initially feel cramped, as there is lesser space for you to move around. It also means losing your favourite spots or pockets of peace in your old house. But while you may not have space for a grand garden or gazebo in your new home, you can always create small green spaces, such as a vertical garden or a flowerbed at the front lawn.
A smaller home would demand you to sell, throw or give away your other belongings, including furniture, kitchen supplies, books and other knick-knacks. You have to sort your stuff to give way for space.
No More Room
If you are hosting a family event, you cannot have guests stay over in a smaller home. You may not have the extra guest rooms or large enough living rooms to accommodate them. The best they can do is stay at a nearby hotel in your place.
If you are considering downsizing for good, you have to change your lifestyle, too. There is a particular comfort level you have to give up to welcome the brand new change you will be faced with residing in a small home.