downsizing home

The real estate market is booming. While many people are looking for bigger homes where they can spread out, those of you with one of those larger homes may want to consider the benefits of downsizing.

"Not only are their financial incentives to downsizing, but there are also lifestyle benefits as well," said Kazantzis Real Estate Owner and Agent Andrea Kazantzis. "There is a huge demand for listings right now, so it may be the perfect time for prospective sellers to put their home on market."

Reduced Costs

It's simple, a smaller home usually means smaller expenses, namely your mortgage payment. You can sell your larger house and maybe even be able to buy a smaller place with cash. Imagine living without a mortgage payment!

There are other savings with a smaller home including lower real estate taxes, insurance, maintenance and utility costs.

"It costs a lot to run a large home," Kazantzis said. "Smaller homes are cheaper to heat in the winter and cool in the summer, putting more money back into your wallet."

You can use the savings for your retirement, travel or paying down debt.

Reduced Clutter

Let's be honest, the bigger our home is, the more stuff we tend to accumulate.

By downsizing your home, you'd be forced to declutter and get rid of unnecessary items. Keep the items that you need or have sentimental value, sell or donate the items you have no use for but still life in them, and throw out or recycle the rest.

"It's amazing what a clutter-free environment can do for your mind. There is real freedom in simplifying your life," Kazantzis said.

Reduced Stress

In addition to less clutter, a smaller home requires less upkeep. 

By downsizing you would:

  • Spend less time cleaning
  • Spend less time doing yard work
  • Spend less money on maintenance costs

"The time you save on maintenance tasks can be spent on things that are really important to you.

Closer Quarters

You don't have to be an empty-nester to realize the benefits of downsizing. The above benefits can apply to all homeowners. 

An added benefit of a smaller home for those with kids in the house is a tighter-knit family. 

"The smaller the living space, the more families are likely to spend time with each other. They won't be able to retreat to different sections of the house," Kazantzis said. "This time allows families to bond and work together. Think of it as cozy, not cramped!"

If you're considering listing your home or want to discuss the benefits of downsizing further, Kazantzis Real Estate has a team of agents on standby to help you weigh your options.