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Are you considering downsizing? Perhaps the kids have moved out and now rooms are empty, or the maintenance of your home is becoming overwhelming. Or maybe you're longing for a minimalist lifestyle for more peace of mind. In this article, we discuss the advantages and disadvantages of downsizing and direct you to the right professionals who can help you with this step.
What are the advantages of downsizing?
You often hear that people want to live in larger homes. They are looking for more space and move to the countryside, where you can get more house and garden for the same money. But there is also a growing group of people who consciously choose to downsize.
Less maintenance and more financial room
Often these people no longer have children at home. They want less maintenance and more financial room, so they can spend their old age in a more enjoyable way, without the worries of a big house. The advantage of downsizing goes beyond just lower monthly costs. If they already own a house, they can release equity.
A portion of this can be put into the new house, while the other part can be spent freely. This money can be used, for example, to supplement pensions, to buy a home for (grand)children, or to make beautiful trips.
Note: If you're downsizing and need a mortgage, keep in mind that the mortgage will be reassessed based on your income. If you're going to earn less (maybe because you're about to retire) then you can probably borrow less. Read more about this on our page about buying a house in old age.
Better energy label and accessibility
Another advantage is that apartments often have a better energy label, which makes you cheaper monthly. Also, the accessibility of the home plays an important role as you get older. When you are (potentially) less mobile, you would rather choose a ground-level apartment or a senior residence than a large house with multiple floors.
Living closer to family
The proximity of family is also a factor. If they live in a more expensive area, a smaller home could be a wise option. If you move from a detached house in a quiet area to an apartment, this has the added benefit that there are more people nearby who can help. There is also more social control, which can make you feel safer.
Also explore the possibilities for living together with your children for caregiving if you are interested in this.
Minimalist living
Some people choose to downsize consciously because they want to live minimally. They want to declutter and surround themselves with only the items that are truly important to them. This helps them to feel happier and ‘lighter’, thereby experiencing more peace in their lives.
Are you unsure whether to buy or rent? On our page about buying or renting a house, you can read about the advantages and disadvantages of both options.
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What are the disadvantages of living smaller?
There are many advantages to living smaller if it fits your needs. But it is also good to map out the possible disadvantages before you make the move.
You have to get used to a new environment
The longer you have lived in a house, the harder it can be to say goodbye to it. You may have seen your children grow up there, always had good contact with the neighbors, or enjoyed a large garden. The transition to a new, smaller house can therefore be emotionally heavy. Give yourself time to get used to the idea. It is very normal to be sad about this, even if it is the right decision.
Tip: Are you thinking about living smaller for your old age? It is wise to take this step while you are still mobile, so that you can build a new social network more easily at the new location. Keep in mind that a senior home or a house on the ground floor is often desirable, so it may take some time to find a suitable house.
Living smaller also means decluttering
If you are going to live smaller, you often have less storage space. It is inevitable that you will also have to sweep through your belongings. What memories and objects do you want to keep, and which are you willing to part with? For some people, this process can be very difficult, and that is very understandable. It can feel like saying goodbye to a part of your life, and in a sense, that is what it is.
Know that you don't have to do this alone. Ask loved ones to sort out your stuff together. This can not only help in deciding what to keep, but it also leads to beautiful conversations. Together, recalling memories can be a valuable experience and make the parting a lot easier. After decluttering, you will probably feel relieved; try to hold onto that feeling.
You have less space and (probably) less privacy
If you go smaller, you give up space, which brings various advantages. For example, you have to clean less and do less maintenance. On the other hand, it also means that you have less space to host guests and carry out your hobbies.
For example, if you like painting and currently have a studio or a shed at home, consider whether the benefits of smaller living outweigh the loss of a place to paint. Also think about alternative ways to continue your hobby, such as renting a workspace or joining a local art group.
When moving from a detached house or a corner house to a flat or terraced house, you (probably) also have more neighbors. This can make for a lively social environment, but it can also lead to more nuisance. In addition, you will probably experience less privacy, which can be a disadvantage.
The purchase and sale can cause a lot of stress
Also keep in mind that buying a new home and selling your old home is a big job. It can cause a lot of stress. Fortunately, a good real estate agent takes a lot of worries and tasks off your hands, so you can focus on the most important things, like the move. Read more about buying a house in old age and selling a house in old age.
Now that you know the biggest advantages and disadvantages of living smaller, you can put everything in perspective for yourself. It is wise to also talk to a financial advisor and a real estate agent, so they can inform and advise you about your possibilities and the current housing offer. Read here when is the best time to engage a sale real estate agent.
Through Mijn Verkoopmakelaar, you can quickly and easily find the best real estate agents in your area. Often, you can engage them for both the purchase of your new home and the sale of your old home (if you have one). That is very convenient. If you engage a purchase real estate agent via our platform, you can also request a free mortgage conversation with a mortgage advisor.
- Receive proposals from multiple real estate agents
- Get clarity upfront about the costs and method
- Choose based on performance and results
- Over 3000 people have gone before you
- Plan a free appointment with a mortgage advisor as well
- Free & non-binding
Tip: Mention in the description when you sign up that you want to downsize and sell your old home (if that's the case). This way, the real estate agents are immediately aware of your situation and can adjust their proposal accordingly.
- Safe
- Non-binding
- Free
- Independent
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