12 Reasons to Downsize Your Family Home

Downsizing out of necessity has become a frequent theme in the recent economy.  Foreclosures and increased loan requirements have made that decision for many families. But what if downsizing is actually a gift to your family? Downsizing – no matter the reason – has its advantages! That is why we are tackling it as part of our  money series here on Kids Activities Blog. Creating family memories on a budget is  inspired and sponsored by  Dave Ramsey's Endorsed Local Providers  (ELP) program which can help you find trustworthy and competent investment advisors, realtors, insurance agents or tax services in your hometown.  You can sit down and create a custom financial plan with someone you are comfortable with and that your neighbors would recommend making it easier for you to set aside money for what is important to your family.

Reasons to Downsize Your Home

1. Lower Mortgage – This is the obvious reason to downsize.  Decreasing the mortgage burden or putting yourself in a position to pay it off early can change your financial future.
2. Lower Maintenance/Repair Bills – A rule of thumb for estimating home maintenance and repair costs is $1 per square foot per year {averaged over time}.  Decreasing your square footage, can decrease the number of things that can go wrong and need fixing.
3. Less Housework – If there is less house, there is less to clean!  This translates into more time to do fun things with your kids and family.
4. Less Yardwork – If there is less yard, there is less to mow, weed, trim and sweep!
5. Lower Utility Bills – With less square footage comes less to heat and cool.  A bonus is that many of the newer homes or recently renovated ones will have better energy ratings as well.  There could be more savings there than expected.
6. Less to Insure – Home owners insurance costs will be less, but your insurance needs have likely changed anyway!  Having an independent insurance agent check your current policies today can save you money no matter your home size.  Find your ELP today.
7. Collect Less – The more space you have, the more you expand.  Take a look in a closet that you haven’t opened for awhile to test this theory.  You may be horrified to see how its contents have grown!
8. Less Stuff to Manage – Owning a larger home is a full time job in itself.  Freeing up time to enjoy your home instead of manage it will feel like a vacation.
9. Family Togetherness – In a smaller space there will be more interaction which can help keep family members close in all senses of the word!
10. Less to Buy – In a downsized home there are fewer needs.  Even decorating is easier because less is necessary.
11. Better Resale Value – The more “average” size your home, the larger market there is for its resale.  Larger homes often require a specific buyer which means less competition for your home sale.
12. You Don’t Need It – Owning a larger home can be a burden in more ways than financial.  Finding that you spending the majority of your time managing your “stuff” instead of enjoying it can be eye-opening.

No matter what your reason is for downsizing, you need to work with a real estate professional to make sure you accomplish your goal.  Dave’s real estate Endorsed Local Providers (ELPs) will help you get your home sold and find a new one that fits your situation. Get in touch with your real estate ELP today! Thanks so much to the  Endorsed Local Providers  for sponsoring Kids Activities Blog and inspiring this series on creating family memories on a budget. Do YOU think there is a benefit to downsizing?