I am thinking of downsizing by about 25-35%. Is it good idea. My mortgage will decrease by about $100 000 to $200 000 if all goes as planned.
My current place is huge with 5bedroom, 1 study, 4 bathroom, 3 living areas indoor 1 outdoor and 3 storeroom.
I want to downsize 4 bedroom, study, 2 bathroom and 1 toilet, smaller living areas. Overall it will be 25 to 35% less.
Bt its hard work, as building without builder and emotional attachment to current place-nextdoor to brothers house.
I am not able to decide. Is it worth it? In the long run big houses will always be expensive than smaller.
People normally go with for big houses. Any one downsized? What are Pros and cons ?
^how big is your family? if you don’t need that many rooms, then yes its a good idea. but it all depends on how big your family is and how comfortable they will be in a smaller home.
right now i live in a small 2 bedroom appt and i really wish we could move into atleast a 3 bedroom. for the 2 of us, its fine but when i have my family over, it gets very crowded in here.
Downsizing has it’s own merits..obviously the financial aspect, less maintenance etc.
You have to weigh the pros and cons…if you anticipate the bil moving in with you, or you entertain a lot /have guests, come and stay, may have more children, etc that the extra space is actually needed.
There is no use in having all those rooms if they are not used IMO, but it they are needed, then stay put.
At the end of the day, your finances and needs will dictate your decision.
But to answer your question, as a real estate agent, yes, I have plenty of clients who decide to downsize to smaller houses as they don’t like the upkeep and costs associated with larger homes.
