Thursday, April 24, 2014

Pros and cons of downsizing

New real estate developments typically have smaller houses or condominium units. While a smaller space generally seems disagreeable, compact properties are still being snapped up left and right. Most home buyers are young couples and professionals. However, a portion of the market also includes families that have chosen to downsize.

Maintaining a large home can be costly and time consuming. However, moving to a smaller home could cut your daily cleaning routine by half or even more.

Downsizing offers several pros and cons, depending on your lifestyle and preferences. Here's what to consider when downsizing...

Responsibilities

Maintaining a large home can be costly and time consuming. However, moving to a smaller home could cut your daily cleaning routine by half or even more. Routine maintenance is also necessary to keep a house looking new and to avoid property damages. With a smaller house or condo, there are fewer areas that need to be maintained and repaired, thereby cutting down your maintenance costs too.

Utilities

Electricity, water and other utility bills are a large part of a household’s monthly expenses. Bigger houses have larger rooms that need more electricity to cool. Houses that have two or more floors may also consume more to pump water to the upper floors. With a smaller home, utility costs will inevitably be lower.  

Home design

Spaces are becoming more compact, just as appliances, furniture and most other things in our lives. Home design has also evolved along with this trend, making modular cabinets and clever built-in solutions popular for residential interiors. The thought of downsizing may be equated to living in a home full of clutter and zero personality for some, but these concerns can be solved by new home designs. 

Limited space

The most obvious disadvantage of downsizing is the limited space. While there are ways to maximize space, add storage and make rooms look bigger, there is simply nothing like having the luxury of a large home. High ceilings, expansive views and large areas to move around in are just some of the things you can’t replace with a small property.


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