According to the National Association of Home Builders (NAHB), 60% of homebuyers are considering downsizing to smaller, more efficient homes. The economy is playing a significant role in this decision but, for the most part, our society is full of Baby Boomers who don’t quite need the space that they once did.
We’ve been talking to a lot of our friends and clients lately about downsizing. Enormous homes or large additions no longer makes sense for a couple with grown children. Sure, the kids might be home for holidays, but is it still necessary to have 5 bedrooms, a living room, family room, and finished lower-level? Nah. It may be time to downsize. A first-floor master and laundry is looking mighty appealing right now.
Here's a few reasons we've found for downsizing
1. Save money.
When you buy a smaller, more energy-efficient home, you’ll save money on your utility bills, and maintenance costs will be less. One of the benefits of downsizing your home is the ability to stop spending money on furniture, electronics, appliances, and home items that are used to fill space rather than to fulfill a function. Downsizing will you help you prioritize your life and only bring what is necessary to your new home.
2. Reduce Stress.
Many homeowners agree that living in a larger home leads to greater stress and upkeep. From cleaning, maintenance, furnishing, outdoor home chores, and the cost of all of these can lead to a home that is stressful. Downsizing your home can be the first step to a minimal and stream-lined life. You will be surprised how reducing your daily chores and maintenance will lead to #3...
3. Increase free time,
You’ll spend less time cleaning and maintaining a smaller home. Use the extra time to travel, read, golf, take up a hobby or just relax. Which leads us to #4…
4. Free up your lifestyle for traveling
Your house may require a lot of work when you leave town. And as baby boomers, we like to travel. If you're in an extremely private setting you want to ensure any security systems are working properly and the yard is kept up. If you decide to downsize extended travel time can be less of hassle, especially if you downsize to a secure apartment or condominium unit.
5. Open a new chapter in your life
Whether you are empty nesters with older children who have moved out or newly single, downsizing can represent a way to start a new life in a new home. Consider opting for a smaller one that could have less upkeep – even consider the possibility of a condominium that maintains the grounds and provides other amenities to enjoy as opposed to doing maintenance yourself.
7. Small home living is enhanced in an urban city
Have you ever noticed that a one-room loft in a bustling urban city feels more cosmopolitan than an apartment that has 5 times the amount of space in the suburbs? Downsizing to a small city dwelling will help you get rid of clutter and organize only what is essential, leaving you enough time to enjoy the convenience of walking to local businesses, parks and restaurants, and everything else that a city like Baltimore has to offer.
We just happen to have just such a listing coming soon in Fells Point. Located on a quiet, shady street this end of group has been beautifully rehabbed and has an architecturally significant curved staircase to the second floor. Downsizing to the city has never looked so good!
I've never seen a staircase set into a curved wall like this one in Fells Point. The top photo is the master bedroom of same house. I love the size and details throughout, but my next home will have a main floor master.