Should I Downsize? How to Decide If a Smaller Home in Columbus is Right for You

Should I Downsize? How to Decide If a Smaller Home in Columbus is Right for YouDeciding what size of house you want is a crucial component in finding the home that truly meets your needs. When it comes to house hunting, bigger isn't always better. Some buying find that downsizing, whether it be in budget, lot size, or square footage, comes with exactly the benefits they need. If you are looking for homes for sale in Columbus, here's what you need to know about deciding to downsize.

Whether it's empty nesters looking to simplify their lives, retirees seeking to reduce expenses, or individuals wanting to minimize their environmental footprint, downsizing offers numerous benefits that can improve quality of life and financial well-being.

Financial Savings

Of course one of the primary motivators for downsizing is finances. If the home you are currently in is not affordable, or you are looking to free up more of your finances to funnel toward other goals, finding a less expensive home can be an obvious solution. 

Smaller homes typically come with lower purchase prices, property taxes, utility bills, and maintenance costs. This can free up funds for other priorities such as travel, hobbies, or saving for retirement. Downsizing can also reduce or eliminate mortgage payments for homeowners who choose to downsize to a smaller, mortgage-free home.

Simplified Lifestyle

Downsizing often goes hand in hand with simplifying your lifestyle. By shedding excess belongings and living in a smaller space, homeowners can declutter their lives and focus on what truly matters to them, which will then lead to reduced stress, increased freedom, and a greater sense of contentment.

A smaller home also generally means less upkeep and maintenance. With fewer rooms and less square footage to clean, maintain, and repair, you can save both time and money. This can be especially appealing for older adults who may no longer have the energy or desire to tackle extensive home maintenance tasks.

Environmental Impact

Choosing a smaller home can also have positive environmental benefits, making it the right choice for someone looking to align their home with their values. Smaller homes typically require less energy to heat, cool, and maintain, resulting in a smaller carbon footprint. Additionally, downsizing often encourages homeowners to adopt more sustainable practices, such as being more conscious about waste and overconsumption.

Who should downsize?

There might be any number of categories of home buyers that should consider downsizing for a wide variety of reasons. Some people think of downsizing as a strategy that's mostly for retirees, but they are just one of many demographics that could benefit from moving into a smaller property. 

Empty Nesters

For parents whose children have grown up and moved out, downsizing can be an attractive option. With fewer people living in the home, there may be no need for extra bedrooms, large living spaces, or extensive storage. Downsizing can allow empty nesters to right-size their living space to better suit their current needs and lifestyle.

Career Changes

Job changes or career transitions may also prompt you to consider downsizing. Whether it's relocating to a new city for a job opportunity or transitioning to a lower-paying but more fulfilling career, downsizing can help individuals adapt to changes in their financial situation and housing needs.

The same goes for starting a business. If you are currently a homeowner, you may have access to a significant amount of equity that could be liquidated to help get your business off the ground. By downsizing, you can lower your housing costs and free up the cash you have tied up in your current home. 

Minimalism

Downsizing appeals to those who embrace a minimalist lifestyle and prioritize experiences over material possessions. By living in a smaller home with fewer belongings, you can focus on enjoying life's simple pleasures and cultivating meaningful relationships.

Lifestyle Flexibility

Downsizing can provide the freedom and flexibility to travel more frequently or pursue new experiences. With fewer financial obligations tied to a larger home, homeowners may feel more comfortable spending money on travel, leisure activities, or other adventures. You can look at downsizing as a way to work toward the lifestyle you want. 

To get some helpful advice, I reached out to home sale expert Bill Gassett of Maximum Real Estate Exposure. Bill has almost forty years of experience helping buyers and sellers make good decisions.
"This topic is near and dear to me because I just downsized two years ago. I went from a massive 4500 square foot home down to a 2100 square foot condo. It was a dramatic change in lifestyle but one I have embraced. I knew it was time as I was not using a fraction of the space in my large home. The kitchen, family room, office, and bedroom where the only rooms being used.
Besides the fact I was not utilizing the space, I came to the realization paying for all of it wasn't worth it anymore. The benefits of going into a smaller property are significant. First and foremost is saving a tremendous amount of money. My tax bill was cut by over half! By going into a condo, I am roughly saving 13,000 a year!
In addition, the cost of utilities is not even remotely close. I went from having oil heat in a huge less efficient property to a more compact condo with energy-efficient gas heat. I am now saving thousands of dollars in heating and cooling. I also don't have to worry about costly maintenance items like painting the house or staining the deck.
I feel like a significant burden has been lifted from my back. I can walk out the door of my condo every weekend and not have to worry about the never-ending chores that accompany large homes. The feeling has been so wonderful, I wish that I had done it sooner."

Whether you're looking to downsize or not, we are ready to help you find your new home in Columbus. Contact us any time to get started. 

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