Downsizing out of necessity has become a frequent theme in the recent economy. Â 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 Â
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
- Lower Mortgage – This is the obvious reason to downsize. Â Decreasing the mortgage burden or putting yourself in a position to pay it off early can change your financial future.
- 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}. Â Decreasing your square footage, can decrease the number of things that can go wrong and need fixing.
- Less Housework – If there is less house, there is less to clean! Â This translates into more time to do fun things with your kids and family.
- Less Yardwork – If there is less yard, there is less to mow, weed, trim and sweep!
- Lower Utility Bills – With less square footage comes less to heat and cool. Â A bonus is that many of the newer homes or recently renovated ones will have better energy ratings as well. Â There could be more savings there than expected.
- Less to Insure – Home owners insurance costs will be less, but your insurance needs have likely changed anyway! Â Having an independent insurance agent check your current policies today can save you money no matter your home size. Â Find your ELP today.
- Collect Less – The more space you have, the more you expand. Â Take a look in a closet that you haven’t opened for awhile to test this theory. Â You may be horrified to see how its contents have grown!
- Less Stuff to Manage – Owning a larger home is a full time job in itself. Â Freeing up time to enjoy your home instead of manage it will feel like a vacation.
- Family Togetherness – In a smaller space there will be more interaction which can help keep family members close in all senses of the word!
- Less to Buy – In a downsized home there are fewer needs. Â Even decorating is easier because less is necessary.
- Better Resale Value – The more “average” size your home, the larger market there is for its resale. Â Larger homes often require a specific buyer which means less competition for your home sale.
- You Don’t Need It – Owning a larger home can be a burden in more ways than financial. Â 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. Â
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 Â
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?
it’s a great idea to cut costs and put the money saved up for retirement
Yes! Makes it so much easier when you have a plan.
Definitely. We knew when we bought our home that we didn’t want more space than we needed. We use Dave Ramsey’s ELPs for investing and insurance so we know they give great advice.
Oh I am so glad to hear that!!! Thanks for letting me know. It is good to know.
YES! We will definitely downsize when we are able too! 🙂 Right now we have 5 at home but when they start leaving the nest we will downsize! 🙂
We have that plan too…just a few years away.
my elderly mother-in-law needs to downsize to have less to care for, less to worry about
It must be hard to do when you have lived with all the stuff for so long.
I’m always downsizing by getting ridn of clutter and getting rid of things i no longer use or need anymore.
It is easier to do when you can realize that you DON’T actually use all that stuff.
I’m working on doing just this, but it is a HUGE task, very daunting. 😛
It IS overwhelming. I just try and keep working a little on it everyday.
def good to down size it keep you sane. clutter drives yo crazy
It does!! hahaha
I’ve been reducing my carbon foot print by making my own detergent, using toilet paper rolls and lint for firestarters, and steam clean my floors instead of using harsh chemicals. So I’m buying less to keep down what I don’t need.
Love these ideas!
Downsizing definitely has it’s advantages! I love the idea of less stuff cluttering up my mind!!
Right! I need a little less mind clutter too!
Downsizing definitely has its advantages, but our family is growing, so that’s not the best option for us right now.
There is a season for everything! Hopefully you are in a perfect size house right now for growth.