The pros and cons of downsizing
Category Property Advice
Moving to a smaller living space can be a sensible decision. It often brings about savings, marks a new beginning in life, and offers added convenience. However, downsizing does have its drawbacks. Moving is no small feat, and adjusting to a new space can be challenging.
We've outlined the pros and cons of downsizing to a smaller space to assist in your decision-making. Here is a look at some of them.
The pros of downsizing:
1. Saving money
Living in a smaller home can bring about noteworthy savings. With fewer square metres to maintain, expenses such as house insurance, electricity, and bond payments become more manageable, providing financial relief for homeowners. Moreover, smaller homes require less furniture, appliances, and other household items, lowering overall costs, which makes them an attractive option for young buyers and retirees.
2. Chance to embrace a new lifestyle
You can also use this chance to discover a new home that fits your aspirations, such as living in a more sustainable and environmentally friendly setting. It is a great idea to move into a home close to amenities like schools, work, hospitals, and shops to reduce your carbon footprint. You can also look for eco-friendly homes with energy-efficient appliances and low water usage.
3. Cost savings on utilities
Smaller spaces are more energy-efficient, as they require less electricity for lighting and heating or cooling your home throughout the year. The reduced size also means that it's easier to maintain, with fewer cleaning and repair tasks, which not only lowers your expenses but also results in less waste and fewer resources used for cleaning.
4. Minimised upkeep
It takes less time and work to take care of a smaller home. The workload goes down because there are fewer rooms to clean, gardens to take care of, and fixes to plan. For example, moving from a house to an apartment removes chores such as raking leaves and cleaning the lawn that comes with homeownership.
By doing so, you'll have an easier time repairing and maintaining your home and more free time to do other things you enjoy.
The cons of downsizing:
1. Not having enough space in your home
The obvious drawback of downsizing is the reduction of living space. It can be quite a task, especially if you've collected much over the years. Downsizing means going through your possessions, which can be emotionally overwhelming and time-consuming. It can also involve deciding which items are valuable and which can be donated or sold.
2. Downsizing with a family, it can be tough
If you have children, downsizing your living space may be more complex than you'd like. Some homes may need to be larger to accommodate a growing family, which can pose challenges when looking for a new place. Especially if you often have visitors or guests over, it can be challenging to adjust seating arrangements and lack the space to entertain.
3. Moving is not an easy process
Downsizing can mean moving to a different area, where you'll need to adapt to a new environment, make new friends, and get used to unfamiliar surroundings. Such transitions can be unsettling, particularly if you have a strong attachment to your current neighbourhood. Leaving a familiar place can be challenging, and you might find yourself missing your beloved possessions, your garden, or the areas where you used to enjoy the most for your hobbies.
If you are considering downsizing, Upton Properties has exceptional apartment options in Cape Town, perfect for a fresh start. You can browse our listings or reach out to our property practitioners for assistance.
Author: Upton
