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The world is shifting in the way we do things; one has to look at the remote work era that has come upon us to see just how rapidly things are changing. As for going larger and living in more luxury homes, many people do just the opposite by downsizing instead of upgrading. Here are more reasons to ponder why you should take advantage of the benefits of downsizing, shared below by the LA Loft Blog.
You’ll have more money left over
Going from a larger home to a much smaller home means that you’ll be spending less on your mortgage repayments which in turn means you’ll have more of an opportunity to save money. You could put these extra savings towards funding your new home, saving for retirement, or, as Making Frugal Fun points out, building up your emergency savings for a rainy day. When calculating how much you should make from the profits of your current home, you can use a home sale proceeds calculator to work out roughly how much profit you could be making from the sale.
You can spend time doing the things you enjoy
Less home to clean means you have more time on your hands to do those things you enjoy doing. And since time seems to become more scarce the busier we are, it’s all the more reason to value what time you do have and eliminate those activities that take away from this.
You have an opportunity to start afresh
Moving somewhere new, whether big or small, can give you the opportunity to start afresh if you want to. You might even move to a smaller, more cozy neighborhood where everyone knows everyone else, providing more opportunities to network more easily.
Storing some of your belongings
Let’s face it the moving process can be a long and arduous one. Add this to the fact that you may not know what to do with some of your belongings, and you might feel more stressed out than usual. So instead of making rash decisions that you might end up regretting later, it may be better to store your belongings in a self-storage facility until you do have time to go through these items at your own leisure. Be sure to look around to compare prices; on average, you can expect to pay approximately $207 for a 10′ x 10′ storage unit in Los Angeles according to StorageUnits.com.
Taking a careful look at your expenses
Downsizing to a smaller, more affordable home may motivate you to look into other areas you could be cutting down cost-wise. For example, home insurance premiums can vary depending on your plan and your desired coverage. Moreover, homeowners insurance coverage is limited to damage that affects your home structure, theft, and injuries that can occur on a property.
So you may want to get a home warranty to protect your home appliances and systems in case your plumbing, electrical, and heating and cooling systems require repairs or maintenance. Just remember to explore options for home warranty plans to ensure you’re selecting a policy that works best for you and your household. You can click here for more info.
Downsizing has plenty of opportunities that might not be apparent at first glance. But it is often the most delightful moments that can be found in the simplest of spaces. Hence, the importance of taking care of your home and everything in it with the right insurance so that you can enjoy your home even more.
The LA Loft Blog provides a free list of recently sold lofts, condos or houses in Downtown Los Angeles or any neighborhood, along with a list of properties currently for sale. Call us today at (213) 880-9910 for more information, or fill out the online form:
Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Photos have been modified or created by artificial intelligence. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.