Your monthly bills keep going up, and the house needs repairs. The home that seemed bursting at the seams with family is quiet now. Perhaps it’s time for your real estate investment to pay off. From shrinking wallets and empty nests to cashing out, there comes a time when downsizing makes sense. If you’re living in more space than you really need, trade it for something smaller, and put the difference in your pocket.
The Financial Upside of Downsizing
According to the U.S. Census Bureau, most homeowners spend between 30 and 50 percent of their annual income on mortgage payments. Ideally, house payments shouldn’t be more than 28 percent of gross monthly income. Downsizing lets you adjust mortgage costs to the reality of your personal economics. Selling the current home can net a nice profit or dispose of a financial burden. Whether you buy a smaller house or enjoy an apartment, the monthly savings are substantial. Even with the cost of self storage for your extra things, downsizing makes good sense for your hard-earned dollars.
Lifestyle Savings Add Up
A smaller lifestyle is easier on the budget and simplifies savings, but it also gives you a new sense of freedom. How much time do you spend cleaning a big house? How many weekends are surrendered to repair projects? Have you ever figured mileage on the lawn mower? Downsizing reduces the dollar cost of home upkeep, and it gives you back valuable time. Combine new-found cash savings with days not spent working around the house, and the returns add up to a comfortable, new lifestyle. Indulging in well-deserved leisure is easier and less expensive when you’re living in a space that really fits.
The High Cost of Clutter
It grows slowly over time, and you try not to give it much thought. However, clutter around the home increases cleaning chores by as much as 40 percent. You spend an entire year of your lifetime looking around the house for misplaced things. It’s easy to understand why 23 percent of adults say they’ve paid late fees because they couldn’t find the original bill. More than a quarter of homeowners with two-car garages can’t park in their own space. Not all household chaos is junk, but downsizing lets you kick clutter to the curb while affordable self storage lets you hang on to things that really count.
Don’t Part With Everything
Moving to a smaller house or apartment doesn’t mean saying goodbye to your favorite possessions. Sentimental value doesn’t come with a price tag, and those boxes filled with favorite things belong in your life. The kids’ homemade Christmas ornaments will always have a place on the tree. Furniture and artwork that doesn’t fit in the new house may be destined to move in with adult children. You’re not ready to give up the jet ski, and the value of all those vintage comics will surely appreciate. Downsizing doesn’t mean giving up the extras, but it does call for smart storage solutions that complement your new lifestyle.
Extra Space That’s Affordable
Compared to the square-foot cost of a typical home, modern self storage is a remarkable bargain. Moving to a smaller house means saving money, and renting a convenient unit adds very little to your monthly cost of living. Those boxes of sentimental treasures remain in the family, but they’re not perched on a top closet shelf. Furniture and bedding stay fresh until they’re needed, and you can load up camping gear without stumbling over bicycles. Affordable self-storage units are available in a variety of sizes with plenty of options for expanding your downsizing. All your things enjoy high-tech security and climate-controlled comfort in their new home away from the old home.
If you’re ready to take advantage of the financial benefits that come with living smaller, don’t look at the process as a challenge. Explore the liberating alternatives to a house that’s outgrown you. Ditch the clutter, park the things that matter in secure self storage, and downsize your way into a more comfortable, affordable lifestyle.