Should You Consider Downsizing?
Actively downsizing your home by choice – and not because you have to – can lead to much more than just the obvious financial benefits. If there’s anything we can learn from the recent minimalist movement lead by professional organizer Marie Kondo, it is that most people have much more than they need. Whether you’re de-cluttering, trying to be more conservative with your finances, or simply want a place that’s easier to maintain, downsizing can prove to be a straightforward path towards long-term health, wellness, and stability.
The Downsizing Benefits as You Get Older
Older citizens, in general, can benefit a lot from downsizing. After their children have moved out, there’s no longer any need to hold on to a home that was chosen for raising a family, especially if it’s becoming a burden to the homeowner. Kay Morrison who owns The Occasional Wife explains clearly: “Parents always say they don’t want to be a burden to their kids, but you’re burdening your kids by not going through your stuff.” Morrison established her New Orleans-based company to help people clear out and organize their homes.” One of the best gifts parents can give their children is to take care of all this while they are capable and healthy and can make decisions,” she says. This underscores the need for families to consider a realistic property transition sooner rather than later.
As Morrison further expounds, downsizing is not only practical but can also
significantly improve a person’s life. To this end, she asks that we visualize
what an effective downsize would look like: “Everything
is easier, simpler, more enjoyable, less hectic and less stressful. And you
have the things around that you love and enjoy most.” The less you have and
the smaller your home is, the less you’ll have to worry about. With all things
considered, downsizing is all about moving towards a more comfortable,
hassle-free life.
Consider the Financial Benefits
Often downsizing is the most sensible option for a homeowner, even if they don’t need to for financial reasons. Rick Knudsen downsized his $26 million 845-acre Oak Glen, California mountain top property into a much easier-to-maintain 100-acre ranch. Knudsen’s main reason for doing so was to move to a place with a lower elevation (from 4,000ft to 2,000ft) so that a family member who has a congenital heart condition will have a better life. Nevertheless, the Knudsen’s are taking this health move as an opportunity to downsize to a much more manageable estate, one that will lessen their long-term costs by thousands of dollars. It’s a wise and sensible move, especially considering that it’s by someone who has millions to spare. Knudsen won $180 million on the MegaMillions lottery in 2014. Even though he didn’t have to downsize, he recognized the benefits of making a move.
Downsizing to a smaller, more manageable home can be a big step towards more
excellent financial stability. And if you’re planning to make a move, do it
soon.