10 Reasons to Downsize Your House

Owning a home takes a lot of commitment and maintenance, especially if you have a big home. Many South Africans will come to a point where they will decide on downsizing their house.

Usually, it is when they reach retirement age when the children have all flown the nest and the house simply becomes too big to manage.

This is not the only reason people downsize. More and more people are downsizing before their children are out of the house for several reasons.

Here are top reasons why people choose to downsize:

1. Cost

It is expensive to run a large home and you have to take care of electricity, water, gardening services, and maintenance costs.

Homeowners might find that a gated estate is more suitable for their needs. They might find that they can sell their house and use the build-up equity (or profit) to buy a smaller house bond-free. 

2. The property is too big

It is great having a few spare bedrooms for when people visit, but what do you do with an enormous house when you don’t have guests?

It’s time-consuming having to clean a large house and to make repairs in rooms people rarely use. 

3. Retirement

The most common reason for downsizing is retirement.

People are living longer, healthier lives, and many people choose to travel during their time at home.

It is concerning leaving a big house empty when you are on the road, so a secure sectional title unit in a complex might be a better solution. 

4. Education costs

Naturally, parents want their children to have the best education possible, but universities are not cheap.

Many parents decide to sell their homes and buy smaller dwellings to fund their children’s university funds. 

5. Opting for a simpler life

Moving to a smaller home means that there will be less room for clutter. This forces one to clear out as much junk as possible and to avoid hoarding unnecessary items.

Sectional titles also have smaller gardens that are easier to maintain, which contributes even more to a more stress-free lifestyle. 

6. Debt

Downsizing is a great way to cut down on debt. You can stop spending money on maintaining a big home.

If you have paid off a significant amount of your house, you can use some of the money to cover your debt and still have enough to buy a new place. 

7. Buying a second home

The idea of buying a second home whilst downsizing is an appealing idea to many.

A second home gives you an additional stream of income and down the road, if need be, you will have two assets that have grown your overall equity.

8. Breakups

It is a sad fact, but not all marriages and relationships last.

People often downsize because they are separated from their partner and they either need to find a new place to stay or they can’t afford to live in the current house on their own. 

9. Crime

Large family homes are often targets of robberies and freestanding homes often need additional (and expensive) security measures to be somewhat crime-proof.

Sectional titles are usually situated in a safely-guarded (and gated) location where there are ample security and peace of mind. 

10. Going ‘green’

We all want to do our part to protect the environment and a large home does not necessarily fall into that category. It uses more electricity and more water. A smaller home will undoubtedly leave a smaller carbon footprint. 

Whatever your reason for downsizing your house, make sure that you do enough research so that you make a sound investment for your future.