As a renter, it’s important that your home suits your needs and lifestyle. Should your circumstances have recently changed, you may be wondering if downsizing to a smaller rental is a good idea. While extra space and additional bedrooms may suit some, they also come with the burden of increased cleaning and maintenance.
As the old saying goes, “More isn’t always better.” Sometimes it’s just extra.” Before deciding if downsizing your rental is right, let’s consider a few points.
When downsizing makes financial sense
In most regions, larger rental properties tend to cost more. They tend to require more upkeep and have greater utility bills. This is one of the main reasons people begin thinking about downsizing to save money. Downsizing your rental home might be a smart move if your financial situation has changed.
Even if a bigger home is within your budget, think about what else you could use that extra money for, like a new hobby, travel, or investments. This new way of thinking can help you make a decision that’s not only about space but also about what’s best for your finances.
Reducing clutter and simplifying your living space
If you’re thinking of downsizing, consider your possessions and what you intend to do with them. If you own a lot of furniture or collectibles, they may not fit in a smaller rental home.
You could opt to rent a storage unit, though monthly fees can add up over time. Consider if the storage unit offers climate control, as temperature swings and dust could damage your valuable items. Try minimizing your possessions before moving into a smaller rental, if you can.
Spending less time cleaning
Being able to move comfortably around your rental home is key to finding the right fit. If stairs or difficult access are a problem in your current rental, think about moving to a single-story rental.
A smaller home means easier cleaning and maintenance, which is perfect for those who want to spend less time on chores and more on personal activities.
Living closer to specific amenities
If you’ve been thinking about moving closer to cultural centers, nightlife, or amenities, that may be a good reason to downsize.
Rentals near top amenities often come with higher costs, but downsizing might help you afford a home that’s still near the places and events you love.
Is downsizing the right choice for you?
Maybe you’re thinking of downsizing because your life and priorities have both changed. With the kids grown and gone, and retirement on the horizon, you may be planning to spend your free time away from home. Moving to a smaller rental could be the key to making these plans a reality, giving you the freedom and flexibility to enjoy everything you’ve been dreaming about.
If you’re looking for a new rental home in West Covina or nearby, Real Property Management Fairmate is here to help. We offer rental homes that suit different life stages and lifestyles. Let us help you discover the perfect home! Browse our available listings today and start your downsizing journey!
Originally Published on September 24, 2021
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