New York CIty housing
June 7, 2022

Pros and cons of downsizing

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So you have a big home and have lots of unused space? Or maybe money is a problem, and you are “forced” to downsize? Well, there are pros and cons of downsizing. It will save you time and money and a whole lot more. It’s never easy to let go of a home that you’ve made. However, there are so many benefits to downsizing that we think will help you make your decision. Of course, like any move, there’s always doubt. We will discuss the pros and cons of downsizing. It will hopefully help you in making that final decision.

Downsizing isn't always a bad idea
Downsizing isn't always a bad idea

 

Pros of downsizing

- Fewer rooms to clean

- Low house maintenance

- More cash flow

- Fewer utilities to pay

Cons of downsizing

- Less storage space

- Not much space for visitors or guests

- Getting rid of loved items

- Bad neighborhood

- Restrictions

Pros:

Downsizing may seem like a scary move to make, and we fully understand. It means sacrifice. That may mean that sometimes it means giving up your home and relocating.

Fewer rooms to clean

This is probably the best benefit because, let’s face it, who doesn’t want to have less space to clean? It makes sense that if you have a lot of unused rooms/space in your home, you want to downsize. Fewer rooms to clean save a lot of time and energy, so this is one of the advantages of downsizing.

Low house maintenance

Less space and having fewer things to maintain around the house are beneficial. The less space you have, the less maintenance you need to do. If something breaks. For example, if the roof falls apart. It’ll save a lot of money to fix a smaller home than a bigger one. Also, if you have a yard full of grass it means, less surface area means less time spent cutting or maintaining the grass. Low maintenance, fewer worries!

More cashflow

Having more cash in your bank is always great. Downsizing saves you money meaning the mortgage will be less, maintenance is less, and of course, we all could use that extra cash. You can use that money to go on a vacation, put it towards your savings, or other uses in and around the home.

Fewer utilities to pay

How great is it that downsizing saves you so many utilities? You use less electricity, and water, and pay less for trash, saving you hundreds! And as we mentioned earlier, a little extra money goes a long way. It could help with vacation plans, or savings, and even better investments if that’s something you’re into.

Cons:

Sometimes downsizing may not be by choice, unfortunately. Different circumstances like job loss could impact your housing situation, and you may be left with no choice but to downsize. There are several cons of downsizing, and we will discuss them below.

Less storage space

Moving to a smaller home means you will have less space to put all your belongings. Sometimes you may end up selling some of your stuff or renting a storage space which costs money. If you can’t afford storage space, keeping your belongings with you in your home will make it smaller. Always try to sell whatever you don’t use/need or donate some stuff so, you have enough space in your home.

Not too much space for guests

Smaller homes usually don’t have extra space for guests. Say you’ve moved to a 2-bedroom from a 5-bedroom home. In this case, you won’t have as much space as you had before. Unfortunately, this could mean you won’t have guests visiting for long periods/extended periods.

Getting rid of loved items

You would have to, unfortunately, get rid of some of your loved items. Less space means compromise, and as sad as this reality may be, it could be beneficial. If you sell your belongings, you’ll earn some money out of it. Also, use apps to sell your stuff and make some money. Donating is also another option if that’s what you ought to do.

Bad neighborhood

A bad neighborhood could be cheaper to relocate to. This instance of downsizing could be the worst of all the cons. You want to be in a home where you feel safe and secure. Moving to a bad neighborhood could get you the same size home you had before with fewer mortgage payments. If this is the case, we suggest you put your, and your family's safety first.

Live in a smaller home in a safe neighborhood than in a bigger house in a bad neighborhood. You want to be able to enjoy your home without having to overthink everything happening around you.

Restrictions

Downsizing restricts you if you’ve lived in a bigger home for a long time.

An “aesthetically pleasing space” in smaller homes may not always be great. You may have a lot of belongings, and trying to declutter to make your home look spacious will most likely not work. This restriction, unfortunately, is the downside of downsizing.

If you move into an apartment from a house. It can be very restrictive because apartments have many rules and regulations that you need to follow.

Examples would be:

Noise hours- most apartments have “no noise” rule hours meaning you’re not allowed to make any noise between 10 pm-6 am (this differs by the apartment of course). If you have friends over, you’d have to make sure they leave your house early or not make a noise after the said hours.

Parking: Some apartment buildings don’t have parking for their residences. However, those who do will sometimes charge for parking, especially luxury apartments. These parking spaces are expensive, and that means you're losing money. Street parking may be available for free, but that’s very risky so you’d have to decide what works best for you both financially and in terms of security.

Pool reservation: Some apartments have pools that require their residences to reserve pool time. This can be both good and bad, as having to reserve a time means the pool won’t be over-packed.

Some pools, however (especially) without reservations needed, could be full, and you may not have space to swim and enjoy the summer unless you go to the pool as soon as it opens to secure a chair/table is unfortunate, but that’s one of the sacrifices you’d have to adapt to when downsizing, unfortunately.

Summary

We hope that now you have an idea of some of the Pros and Cons of downsizing your home. Remember to do your research before you downsize, and keep in mind that you’ll have to sacrifice a lot of your belongings and personal space. It will take time to adapt to your new home which is okay. You will at least get to save some money and live within your means. Make the best of your space and enjoy downsizing.

Capital City movers are always here to help and answer any questions you may have. Visit our website for more information, and call us at (718) 619 4881 for a FREE QUOTE!

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