Definition:
Downsizing is the process of preparing for and moving from a larger residence to a smaller one. It usually involves a reduction in the amount of space, stuff and home expenses as part of the move from your current home. Here’s the detail.
1. Space
The first thing that comes to mind when people think of downsizing is reducing the amount of living space they have. This usually means reducing the number of rooms to maintain, furnish, insure, clean and heat/cool. An example of this is eliminating the traditional, North American “Living Room” when downsizing. It may also mean reducing the size of rooms in order to eliminate or minimize unused space in the home. An example of this is moving from a home with a large, master bedroom suitable for a king-sized bed to a home that is best suited to a queen-sized or double bed.
2. Stuff
Decluttering and minimizing possessions is the second thing that comes to mind when downsizing. Less stuff requires less time and effort for organizing and cleaning, along with lower costs for insurance. The trend towards minimalism, paperless storage and re-using/recycling provides strong motivation for downsizing our “things”.
3. Expenses
Downsizing typically means a reduction in expenses. Examples: eliminating the debt and interest costs associated with carrying a mortgage on a larger residence; eliminating wasted money for costs associated with unused rooms in a large home and finally paying lower taxes, insurance premiums and maintenance costs for a smaller home.
Implicit in the above three areas of downsizing is a reduction in personal responsibilities. If this is the type of downsizing you have in mind, you may be interested in the next blog topic: “Why downsize?”
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What does downsizing mean to you? Your comments are always welcome.
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Unless otherwise credited, all posts are happily authored in quill & pen by …
Paul Ferri, Broker
RE/MAX Unique Inc. Brokerage*, Toronto, Canada
*Each office independently owned and operated
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