There are both advantages and disadvantages to downsizing your home, just as there are many
reasons to downsize your home. Following are a few advantages and disadvantages.
Downsizing your home advantages:
-Increased cash flow: Typically when you downsize the home, you downsize your mortgage
payment which means that you have cash for other things. You might also be able to pay for
the home outright from the proceeds of your current home.
More time: With a smaller property to care for, you have more available time on your hands
to enjoy. There are less household tasks, less yard work and less maintenance.
-Lower utility bills. Smaller homes mean less expense in utility bills and are healthier on the
environment.
-Less stress: Home ownership can be stressful. With a smaller property to care for, the
workload is decreased and stress levels are reduced.
Downsizing your home disadvantages:
-Less space: When you downsize your home there is less room and you may have to get rid of
a few things. You may also feel cramped because you don’t have the room to move about the
house as you once did.
-No room for guests: A smaller home means smaller quarters and you are not as likely to have
the space for big parties or out of town guests that would normally spend the night.
-Less prestigious: Depending on the dwelling type that you downsize to, it may be a property
that is less prestigious than your previous property.
-Lifestyle changes: When you downsize you are giving up a certain level of comfort. The home
is new, the area is new, and you won’t have the space to store everything your home once
held.
There are both advantages and disadvantages to downsizing your home, just as there are many
reasons to downsize your home. Following are a few advantages and disadvantages.
Downsizing your home advantages:
-Increased cash flow: Typically when you downsize the home, you downsize your mortgage
payment which means that you have cash for other things. You might also be able to pay for
the home outright from the proceeds of your current home.
More time: With a smaller property to care for, you have more available time on your hands
to enjoy. There are less household tasks, less yard work and less maintenance.
-Lower utility bills. Smaller homes mean less expense in utility bills and are healthier on the
environment.
-Less stress: Home ownership can be stressful. With a smaller property to care for, the
workload is decreased and stress levels are reduced.
Downsizing your home disadvantages:
-Less space: When you downsize your home there is less room and you may have to get rid of
a few things. You may also feel cramped because you don’t have the room to move about the
house as you once did.
-No room for guests: A smaller home means smaller quarters and you are not as likely to have
the space for big parties or out of town guests that would normally spend the night.
-Less prestigious: Depending on the dwelling type that you downsize to, it may be a property
that is less prestigious than your previous property.
-Lifestyle changes: When you downsize you are giving up a certain level of comfort. The home
is new, the area is new, and you won’t have the space to store everything your home once
held.