Your rental home should be a good fit for both your needs and the way you live. If things have changed in your life, you may be questioning whether downsizing to a smaller rental property makes sense. Having extra bedrooms and a lot of space can be ideal for some, but it also means more cleaning and maintenance.
As the common phrase goes, “More isn’t always better.” Sometimes it’s just unnecessary.” Before making a decision about downsizing your rental, let’s review a few things.
When downsizing makes financial sense
In most areas, bigger rental homes are more expensive. They also come with steeper maintenance costs and higher utility bills. This is one of the primary reasons people start to consider downsizing, to save on expenses. If your finances have changed, downsizing your rental could be a wise decision.
Even if a bigger home is affordable for you, think about other ways you could use that money, such as on hobbies, travel, or investments. Changing your perspective like this can help you make a choice that’s not just about space but also about your financial health.
Reducing clutter and simplifying your living space
If you’re thinking about downsizing, take stock of your personal belongings and decide what to do with them. Larger furniture, heirlooms, or collections might not fit comfortably in a smaller rental property.
Renting a storage unit is an option, but those monthly fees could pile up quickly. Think about whether the storage unit is climate-controlled, as extreme heat, cold, and dust can damage your valuables. If possible, try reducing your belongings before moving into a smaller rental.
Spending less time cleaning
Comfortably moving around your rental is an important aspect of finding the perfect fit. If your current rental has stairs or features that make it hard to access, you might want to downsize to a single-story home.
Smaller homes are easier to clean and maintain, offering benefits for those wanting to spend less time on chores and more time on other pursuits.
Living closer to specific amenities
If you’ve been dreaming of moving closer to cultural hubs, nightlife, or key amenities, it might be time to consider downsizing.
Rental properties near premium amenities tend to be pricier, but downsizing could allow you to afford something closer to the places and activities you enjoy.
Is downsizing the right choice for you?
You may be contemplating downsizing due to changes in your life and a shift in your priorities. If the kids are out of the house and retirement is near, you may be thinking of spending your free time somewhere other than at home. Moving to a smaller rental could unlock these possibilities, giving you the freedom and flexibility to live out your dreams and more.
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