Daily Bulletin

Business Mentor

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  • Written by NewsServices.com

A lot of people are looking for ways to get a bigger house or car, more clothes or fancier chandeliers for their kitchens. Others, however, are looking to downsize their homes for many different reasons. They either decide they don't want to clean such a big house, they can't afford it anymore, or they merely want different experiences in life like living in an ultra-tiny house or trailer in the middle of the woods.

If you find yourself wanting to downsize but can't really pinpoint exactly why you want to do that, here are five signs to look out for that indicate you're ready to downsize.

1. You cannot handle your financial burdens.

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Finances play a big part in our decisions to move from a large house to a smaller one. This may be because we're way too in debt to afford a house this size or because we downgraded our biweekly paychecks. Whatever the reason behind you're inability to handle the burden of such a large house, it's valid. There are however different ways to downgrade your home. Maybe you don't have to move out of your home. Maybe lowering your homeowners insurance costs is one way to go.

You don't have to give up all your coverage to get a lower monthly payment. The Australia-based online tool iSelect helps homeowners home insurance compare plans, insurance companies, and homeowners insurance policies. iSelect helps people choose the proper homeowners insurance to cover their house and property damage as well as other types of coverage and the best rate for flood insurance during natural disasters. So maybe you don't have to sell, you just have to use iSelect, or maybe you have to sell and use iSelect for your next home.

2. Your storage spaces remain empty.

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Another sign that you're ready to downsize is that your storage space is not being used. You may once have had a purpose for all those empty rooms in your house, but now after you've decluttered, cleaned, thrown away your old stuff, you suddenly hear echoes in your house. Space not used is a waste of money. So if you find yourself lost in empty storage areas in your home without wanting to fill them up, it's time to downsize.

3. You're rarely at your own place.

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If you have a house, you should probably live it—or at least spend most of your time in it. However, there are some people that are rarely at their houses and would benefit from selling them. If this is your case, you're alright to downsize to a smaller house because your monthly mortgage will go down, giving you more reasons (think finances) to not be home.

4. Your mental health is taking a toll.

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Your mental health should remain untouched when dealing with a house. After all, your home should be a place to feel at peace, to rest, and feel full of life. It's not a place to be torn, depressed, or worry about the roof falling over your head. If this situation is putting an unbearable load on your mental health, it's time to move on. If your overwhelmingly huge home is making you unhappy, ditch it. Find a smaller home you can feel cozy about.

5. You want to travel full-time.

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If traveling is a passion you want to follow and feel like you don't need a big house to come back to, that's a sign you need to downsize. You can strive for an RV, trailer, or even renting places wherever you go. In this case, the less mortgage you have to pay, the more traveling you can achieve, and for many people, that would be considered an upgrade.

The fact that you made it to the bottom of this article is a sign itself. Take this sign and go with it—you're ready to downsize.

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