As a homeowner in Illinois, the notion of downsizing may have come up for you before. You may be wondering if the benefits could outweigh any potential downside. There are plenty of benefits to be found in downsizing, some of them related to lifestyle and some related to finances.
U.S. News lists out numerous benefits to downsizing. Generally speaking, an interest in downsizing is first sparked when a house becomes too large for the current occupants to keep up with. A common point is soon after children leave and a house for three or more becomes a house for two.
Saving on that wasted space is a big benefit to downsizing. It’s been shown that most families spend roughly 80 percent of their time in only 20 percent of their home. Big, sprawling houses or even just having two stories when you would be fine with one can be a major waste of space and resources. Keeping the entire property maintained can also be taxing on those who are older.
It should be noted, however, that the savings from downsizing usually come after the initial sale. There are thousands of dollars in extra costs that people sometimes overlook when it comes to selling a bigger house for a smaller one. The overall profit margin might not be as big as you hoped it would be. Fortunately, you’ll be saving money in many bills including electricity, heating, and water in addition to saving on cleaning supplies and decor.
As with all things, there are both benefits and drawbacks in downsizing. You must make your decision depending on what you need from your house.