March 2nd, 2016 2:19 PM by Korene L Clopine-Seaman
The recent downturn in the economy had many homeowners scrambling to find ways to cut their household expenses. Many who are in the market to purchase a home have turned their attention to smaller, “greener,” and more energy efficient homes. The current glut of “McMansions,” some with values 40% to 65% less than their original price, is an indication that many buyers are considering a change.
Downsizing is not for everyone. It can bring significant and unexpected changes for those who approach the concept without reflecting upon the consequences. If you are considering buying a smaller home, you should do your homework before taking the plunge. You must realize that your new home may not accommodate guests as readily as a larger one did. Your current furniture may not fit. You may not have the same space for crafts or projects. You may not be able to entertain as many or as much as you did at a larger home. Significantly changing your lifestyle can be difficult, and for some, almost impossible. It’s best to analyze the possibilities upfront.
If you are one of the thousands who have decided that less is better, the benefits can be surprising. To begin with, there are numerous financial advantages to buying or building smaller, and owners will experience other benefits that cannot be measured in dollars. Smaller homes are easier to clean, maintain, and afford their owners more time for other interests. Downsizing also forces us to get rid of the clutter and unnecessary items that some amass over decades.
I downsized in January of this year. It some ways it was great and provided many benefits and opportunities. In other ways it has been the living definition of the pits. Collections that I started as a child or items given me by favorite family members who are now gone or work items I use in my home office, all no longer have a place to be that does not look clutter or out of place and space. So you must make painful or ill-timed decisions that you might not be wanting to make right at that moment. Before you downsize, decide what you can readily handle and make the decision of how, where, etc you will be disposing of the remainder of your household treasures. This will save you at time, effort, energy, even expense when you move and you will get comfortable in your new home that much more quickly.
Not to be minimized, however, the financial benefits appeal to most everyone. Taxes and insurance can be dramatically less, and smaller homes require less furniture and “stuff.” Selling a larger, more expensive home may also generate extra dollars that can be used for savings, investments, and college tuition; and for some lucky sellers, the sale may provide the funds to be mortgage free on their new home. Even if a mortgage is necessary, it will probably be less than the original, providing additional cash flow that may be used to improve lifestyle or add to or start that retirement fund that will be wanted and needed. If you are like me, you will find the yard will be smaller thus freeing your time to do other projects or activities.
Smaller, more efficient homes require less energy, cost less to heat and cool, and are more environmentally friendly. Buying a smaller home also causes the owner to be more aware of impulse purchases, since there will be less space for personal items or additional belongings.
I read less of the mail as a result of my downsizing as I still have items to get rid of and I do not have space for one more no essential and so I do not go shopping and there no extra expenditures.