In 2021, the average person’s mortgage payment was about $1,500 a month. If that’s around what you’re paying, and you’re finding it difficult to manage it along with your other bills, you may benefit from downsizing.
Moving into a smaller home means you’ll have a cheaper mortgage payment. You’ll also get to enjoy affordable insurance and less maintenance.
The tricky part is knowing how to downsize your home. You’ve likely gathered a lot of important possessions over the years, and what do you do with your furniture?
We have a few tips that will help guide you through the process. Continue reading to learn more.
Why Downsize?
If you have an empty nest, you don’t need to keep paying for a three-bedroom home. Downsizing to a smaller place will allow you to take advantage of a smaller mortgage. That’s more money you’ll have in your pocket each month.
You’ll also save money on your utility bills and insurance. Smaller homes are easier to maintain as well.
Smaller Mortgage
If you’re paying almost $1,500 a month for your current mortgage, you might be able to reduce your bill by switching to a smaller home.
A two-bedroom place is less expensive than a 3-bedroom one, so it stands to reason that the mortgage will be cheaper as well.
Affordable Insurance
Larger homes are costly to insure because their expense makes them risky for insurance companies. If something were to go wrong, they would have to write you a huge check for repairs.
Since smaller homes are cheaper, they’re less of a risk. That means you’ll get to enjoy a lower insurance rate.
Smaller Homes Are Easier to Maintain
Cleaning a four-bedroom house can be a weekend-long endeavor. If you don’t have time for it, you can hire a cleaning company, but that’s an extra bill.
If the size of your yard matches the size of your home, mowing your lawn can be a hassle. Again, you can pay someone else to take care of it, but that can be expensive.
Moving to a smaller home means less maintenance. If you want, you can still hire maids and mowers. Since you’ve downsized, it won’t cost as much since these services typically charge by the hour.
Cheaper Utility Bills
Large pieces of real estate come with some pricey utility bills. You’ll spend a lot on heating and cooling costs. Your electricity bill will also have your jaw dropping to the floor.
When you downsize, your HVAC system won’t have to work as hard to regulate the temperature in your home. That means cheaper utility bills overall.
How to Downsize Your Home
Now that you know why you should start the home selling process by looking for cash home buyers, it’s time to talk about all the work that goes along with downsizing. Decluttering your space can be easier said than done.
You don’t have to do things on your own. You can enlist the help of your friends and family. Don’t be afraid to invest in a storage unit as well.
Give Yourself Enough Time
You spent years accumulating new belongings. You’re not going to be able to figure out how to downsize in a day.
Be sure to give yourself a few weeks to sort through your things and find out what you want to keep and what you want to sell or toss out.
Declutter Your Space
Decluttering your space isn’t easy. You likely have a lot of emotional attachment to your things. It can be hard to say goodbye.
There are some things that you can digitize. Save your movies, music, and photos to a hard drive. You’ll be surprised at how much clutter that will do away with.
You likely have three sets of certain items when one or two will do. Sell some of your duplicate dishes and towels.
Sort the remainder of your stuff into keep, throw away, and sell piles. Actually follow through by having a garage sale.
Take Measurements
Grab a tape measure and take note of the dimensions of your current home. Take these measurements to your new house and make comparisons.
This will let you know which furniture items, if any, will fit in your new place. You won’t waste time trying to stuff your couch in a living room that can’t accommodate it.
Don’t Do It Alone
You don’t have to attempt to declutter your space all by yourself. You can get help from your friends and family.
You can delegate tasks according to their talents. For example, if you’re not the best with technology, you can let your teenage grandson take care of it for you.
Invest in Space-Saving Furniture
Depending on the size of your new home, you may end up having to buy new furniture. Invest in space-saving pieces that can serve more than one purpose, like seating that can double as a coffee table.
Installing floating shelves will allow you to take advantage of your verticle space and free up your floor.
Rent a Storage Unit
Do you have a few items that you’re on the fence about getting rid of? Rent a storage unit.
Doing so will give them a safe and environmentally controlled place to stay until you figure out what you want to do with them.
Downsize Your Living Space
If you’re tired of paying an expensive mortgage, consider downsizing your living space. Not only will it allow you to save money, but you’ll get to enjoy a shorter maintenance routine.
The problem is knowing how to downsize your home. Getting rid of things that you have an emotional attachment to isn’t easy. We hope that you’re able to use this guide to take some of the pressure off.
For tips on how to decorate your new space, visit the Home Dècor section of our blog.