BENEFITS OF DOWNSIZING
- Fresh start. Every move is a new start, but downsizing brings about a new kind of start. Really letting go of the things that do not matter and that are of the past.
- Less stuff. When moving into a smaller space you force yourself to think about the things you really need and want. When you realize that your new home will not have the additional storage space, you will have to let go of the stuff you really do not need.
- Less cleaning. Depending on how much you have to downsize to, you can be reduced to almost 1/2 of the space you originally had at your old house. Reduced space means it will take 1/2 the time to clean.
- Save money. Smaller property typically means a smaller mortgage and that implies more cash going into your piggy bank. When there is less space to heat, cool and light, your utility bills will naturally be reduced. If the money saved is well invested, it can grow exponentially.
- Reduce debt. With less money spent on housing, you can use the additional money to double up on your mortgage payment which will enable you to pay off your mortgage quicker.
- Boost retirement fund. Once you have fully paid off your debt, it is time to build wealth for the future. You can easily start with investing 15% of your household income into a Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA). If you aren’t exactly at 15%, $500 could be the push that will get you there.
- More time. With less things to take care of, you have more time to do other activities. How will you spend the 10 extra hours you get a week?
3 SIMPLE QUESTIONS BEFORE DOWNSIZING
1) Does size matter?
2) Will I miss a more spacious home?
3) How will life events affect living in a smaller home?
READY TO START YOUR DOWNSIZE?
- How much space do you have to move in to? This will help with setting the guideline of how much you can move in to your new home. Be exact in measuring closet or cabinet space.
- Can you quantify how much you have? Look into how much you currently have. Determining how much you have and how much space you have in your new home will help you figure out what you can bring with you.
- Is it something you really need to keep? Determine what are the “Must haves”, “Can live withouts”, and “Can be replaced”. Separating items into different piles of importance can help simply the process of decluttering. Must haves are obviously things that need to go with you. Can live withouts are things that you can sell, donate, or get rid of. Could replace should be for things that you could possibly sell and buy something smaller that you would like.
- Do you have several “insurance” items that you have for just in case scenarios? Get rid of extra belongings and items you will no longer need. You can do this by holding a garage sale or donating to a charitable organization. Doing this will ensure that you will not be bringing clutter to your new home.
- Do you know where you will want furniture to be placed in your new home? Use floor plans to rearrange furniture before moving in. Organizing how furniture will be placed in your new home will help determine exact locations for where to place furniture and if there is enough space to move around. If you give the floor plan to your movers, an added bonus as they will know exactly where to put furniture when they help you move.
- Still items that really have to be kept? Self-storage can be used as a temporary or seasonal solution. This is a great way to declutter your home. It can be used as a way to temporarily store possessions that are hard to part with or maybe will come in handy in the future. It definitely helps freeing up space at home and can be used to store seasonal items – like clothes.