3 Smart Reasons To Consider Downsizing
Living large isn't necessarily living better. Townhomes, condos and villas have become the new norm for more people than ever before. Yes, many of townhome/villa buyers are Baby Boomers but, it’s clear that other generations are beginning to prefer smaller spaces too.
This appears to be more than just a trend. According to TIME Magazine, multi-family dwellings like condominiums accounted for 40% of the new construction in the US last year and the movement is showing few signs of slowing down.
The change isn't surprising when considering the benefits to downsizing, especially when it comes to the savings in cost of living. Whether townhome/villa homeowners are spending less cash or conserving their valuable time and resources, they're certainly seeing a difference in their finances.
Here are three money-smart reasons to downsize that can lead to big savings.
1. Reduced Maintenance
Maintaining a single-family home can difficult, time consuming and/or costly. Clearing gutters, painting walls, landscaping and other outdoor/exterior tasks do cost money, as homeowners are forced to invest their valuable time and resources into these recurring maintenance items.
Moving into a smaller space means less maintenance, which can lead to serious savings. Multi-family dwellings typically have building managers who are responsible for upkeep, leading to noticeable savings.
2. Lower Utility Bills
Utilities are much less costly in a smaller space. The less square footage a home has, the less electricity and gas it will require. As well, when a condo/townhome shares walls, (neighbors to the right, above and below), there is more 'insulation,' meaning far lower utility bills. You have the potential to save hundreds of dollars in utility costs.
There is also an added benefit if you downsize to a multi-family building in the way of shared utilities, divided between other residents of your building - especially ground water run-off costs here in Charlotte. Division of services like Internet, cable and television can also lead to lower monthly costs.
3. Location, Location, Location
Townhomes, condos, villas and other compact residences are often located in the center city/historic areas near public transportation, a multitude of services and businesses. This convenience is a major cost-cutting reason that encourages many people to move, whether they are downsizing or not.
A Nielsen study actually found that 62% of millennials would choose to live in live/work communities (those that combine residential homes and businesses). By being closer to services and businesses they value, homeowners in these live/work communities or center city locations save themselves time, a valued commodity at any stage of our lives! Live/work communities and walkable communities are not only popular among millennial buyers but, those downsizing as well.
Why Moving is a Smart Move
These three reasons are likely the main reasons that people are choosing to make the move into smaller spaces. Again, in any stage of life, it's difficult to resist saved time and resources, reduced maintenance, lower utility bills and incredible convenience. If you’re thinking of downsizing, give us a call or text at (704) 491-3310 or email DebeM@remax.net. As with everything in life, preparation is key and I will equip you with what you'll need to get through the downsizing process.
© Debe Maxwell | The Maxwell House Group | CharlotteBroker@icloud.com | 3 Smart Reasons To Consider Downsizing