More Americans are discovering that less is truly more when it comes to the size of their homes. From the tiny-house and van-life movements to the desire to free up finances and simplify, the choice to live smaller spans all ages and generations. Younger, first-time home buyers are looking for homes with smaller footprints so that mortgage payments are more affordable. And they aren’t the only ones buying smaller homes—12 percent of home buyers ages 45 to 64 chose to downsize in 2017, according to data from the National Association of Realtors.
Here’s how to decide if downsizing is right for you and where to start.
What are the benefits of downsizing?
Downsizing can be an exciting new phase of life, says Julie Del Santo, founder and owner of the Dudum Real Estate Group in Northern California. “Sometimes people are really discouraged when they’re downsizing because they feel like they’re going from more to less,” Del Santo says. “I try to help them operate from a place of abundance, not a place of scarcity. Yes, you’re downsizing, but that can mean a simpler, freer, more amazing life that allows you more flexibility to go out and do things you want to do, while still finding a wonderful place to call home.”
Reducing the size of your home can come with a number of benefits, depending on where you go next, including:
- Financial flexibility;
- Lower utility bills, insurance, and property taxes;
- More location and lifestyle options;
- Less room for clutter and distraction;
- Less maintenance and work.