A lot of people work hard in order to own a house, preferably a really big one, which will offer a comfortable and luxurious life they always wanted for themselves and the entire family. Unknowingly, there will come a time when they would want to downsize, leave behind that big house, and settle for something less.
The downsizing market is becoming huge. In fact, it is one of the reasons house and land packages in Western suburbs in Melbourne are in demand. People find it smarter to live in a small home, especially under the following circumstances:
The Kids Have Grown and Moved Out
When the kids come of age, they naturally would want to have a life of their own, most likely away from the family home. Once they leave to chase their dreams, you will be left with empty rooms and excess spaces. While it is great to have a large home for the entire family, it will surely feel hollow once the kids’ bedrooms become vacant, and they only come over for visits. This seems like a good time to put up the property for sale and find a smaller house, so you will not feel the void as much. A smaller home will also drive social interaction among the family members left behind, keeping them closer and happier.
Retirement
In your retirement years, it would be much easier to choose comfort over luxury, and cosiness over extravagance. Circumstances are easier to manage, especially for ageing people, if the house is small. That’s why it is ideal that retirees downsize. It would be useful for both their lifestyle and their finances if they get a small home that would require less effort and less energy to stay neat and organised.
Income Changes
Money is another common reason for downsizing. By selling your large home, you can make a lot of money, more than enough to buy your next home and spare some for your savings account, too. That makes downsizing a good course if you are down and about or if your source of income is significantly diminished. A smaller home means fewer costs and debts – and the reduced temptation to buy more items than you actually need and can afford.
Moving up in life is no longer just about moving on to a bigger estate. At times, moving up is also an opportunity to downsize and do so without having to compromise your lifestyle. Owning a large home may be most peoples’ big dream but it is not always the practical recourse. That’s why downsizing is becoming a trend, and a huge one at that. People find it wise to settle to a smaller space situated in a prime location, which allows them to enjoy the best of both worlds: their very own nest and access to most luxuries. If you are thinking about simplifying your life, increasing your cash flow, and simply enjoying the benefits of a small home fitted to your lifestyle, you might want to consider downsizing and actually like what you will find.