It's no secret that downsizing is a popular option for homeowners who are at or getting close to retiring. But did you know that there's a current trend where younger homeowners are looking for smaller homes, too?
According to US News and World Report, the trend began late last year:
But these days, younger people are also looking to downsize to save money on housing at a time when inflation is making life overwhelmingly expensive.
Justin Draplin, CEO of ECLIPSE Cottages, says, "We've started to see more of a push here at the end of 2022 of people looking to downsize and purchase tiny cottages. We've seen different ages also downsize."
Considering how much inflation has impacted what we can afford in day-to-day purchases, it makes sense that homeowners of all ages would be looking for ways to save money. And moving into a smaller home can trim your expenses in several ways:
- lower mortgage payment
- lower energy costs
- lower maintenance costs
Moving into a smaller home can also unlock any equity that you've built in your current home. If you’ve been in your house for a while, odds are you’ve developed a considerable amount of equity. That's an asset you can use to help you buy a home that better suits your needs today.
Three Questions to Ask Yourself
If the thought of finding a smaller home has crossed your mind, consider these questions:
- Do the original reasons I bought my current house still stand, or have my needs changed since then?
- Do I really need and want the space I have right now, or could somewhere smaller be a better fit?
- What are my housing expenses right now, and how much do I want to try to save by downsizing?
No matter what stage of life you're in, there's nothing wrong with considering a smaller home. If you don't need all the space you have right now, there could be some significant savings from moving into something smaller.
Get in touch with us anytime if you have questions about your options when it comes to finding a smaller home.
- Cari
