More and more homeowners are now inclined to downsize. There are numerous benefits to downsizing. For one, it’s cheaper. It’s cheaper in the sense that a smaller home will cost less and therefore, leave you with a smaller mortgage. It is also cheaper in the sense that you will have less space to maintain. Your monthly utility bills will also be cheaper as you’ll be using fewer appliances and such. It will be a lot easier to maintain. You’ll have less space to clean and will therefore have more time to spend doing the things you really enjoy.
That being said, downsizing is not for everyone. As great as it sounds, there are also a number of disadvantages to living small. Sometimes, bigger is still better. If you’re someone who is on the fence about downsizing, we’re here to clarify the valid disadvantages of downsizing.
#1 Less Storage
The main disadvantage of downsizing is that you will definitely have less space for your storage. If you are someone who is used to having a lot of storage space, then transitioning to a space that’s smaller may be a bit too difficult for you. This is especially true if you own a lot of items that are precious to you. If you downsize, you might want to consider this as you will eventually have to let go of a majority of your possessions to have everything fit into your new home.
#2 Cash Flow
Although it was mentioned above that one of the main reasons people choose to downsize is because of financial reasons, that may not always be the case. In order for that to happen, you would ideally have to sell your current home faster and at a high price. You would also need to be careful about choosing where you will move. Different neighborhoods and communities have different real estate markets. If you’re thinking about moving into an expensive neighborhood, then that would definitely affect your cash flow. Remember to consider these things and to adjust your expectations accordingly.
#3 Fewer Rooms
Smaller homes will more or less have fewer rooms. This means that you might not be able to accommodate guests. You can no longer entertain out-of-town guests in your home. Whether it’d be having friends over for dinner or hosting dinner parties at your home, it’ll definitely feel cramped. Moreover, if you’re used to your family members visiting you over the holidays, then you might have to reconsider if you really want to downsize.
#4 Social Status
Let’s face it, we live in a world where “bigger is always better”. Although this may not be the case at all times, it is still a belief that most are conscious of. Downsizing regardless of the reason may be looked down upon by society. It may be perceived immediately as you not having enough funding to maintain and live in a huge and comfortable home. This type of thing may be something that you value or worry about. If you are not comfortable about being in a situation as such, maybe you should also reconsider if downsizing is for you.
#5 Change in Lifestyle
Downsizing isn’t merely moving from one home to another. It is also a change in lifestyle. If you’ve lived in a huge home all your life, it may be challenging for you to switch to a small one or two-bedroom home. You have to be mentally and emotionally prepared as well to adapt to the changes of downsizing and living small. If you know that you or your family is not comfortable with changes then it’s definitely something that you should consider as well.
Moving from one home to another is already an emotionally and physically taxing process. You are saying farewell to a home you have lived in for years and are now adjusting to a new neighborhood or possibly a city. If you consider all of that, then add on the number of changes and adjustments that you have to make with a much smaller home, it can be extremely difficult. Downsizing isn’t simply a trend. There are a number of reasons as to why more and more people have now downsized, but it is also equally important to weigh in the cons and disadvantages of downsizing when making a decision.