When Less is More: The Benefits of Downsizing
While the concept of downsizing is often linked with retirees and empty-nesters, the changing economy is driving a new crowd toward cozier living. Whether looking for lowered housing costs, a shorter commute or less clutter, buyers and renters are shedding their excess and returning to the basics.
Aside from the obvious advantages of less “stuff”, downsizing one’s living space has proven financially beneficial. A downsized home typically means downsized utility bills due to less heating and cooling. The growing trend toward LEED-certified/sustainable homes enhances these lowered costs, with minimal energy waste and more efficient appliances and mechanical systems. Of course a smaller home, utility costs aside, also means a smaller mortgage or rental rates. The market has reacted accordingly: A recent Home Builders’ Association survey suggests that 59% of builders are planning significantly smaller houses.
In addition to saving money on home-related costs, people are downsizing to save on costs associated with commuting. By downsizing, many people are able to move closer to work, cutting down on transportation costs as well as commute time. Apart from work commutes, shops, restaurants, and services that were once a lengthy drive away can become within walking or biking distance of a downsized home. Downsizing can give people the freedom to choose the perfect location, which, when done right, can drastically reduce travel expenses.
Downsizing doesn’t have to mean sacrificing comfort or luxury. Instead, people are simply maximizing their living space and getting rid of unnecessary rooms that just accumulate unused furniture. Moving away from the “super-size me” mentality, people are embracing the simplicity of a practical and centrally-located home that allows for greater savings and less fuss.
In this case, less is definitely more.
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