Finances
In most places, larger rental homes cost more. They are also more expensive to maintain and tend to have higher utility bills. One of the reasons why people think of downsizing is to save money. If your financial situation has changed, it may be best to downsize your rental home. Even if you can afford a large rental, you might want to spend that extra money on a new hobby, travel, or investing.
Personal Belongings
For those who are thinking of downsizing, it is important to first consider how many personal belongings you have and what you plan to do with them. All your furniture, heirlooms, collectibles, or other items might not fit in a smaller rental. You could place them in a storage unit, but that would mean additional monthly rental fees. Consider whether or not the storage unit is climate controlled because heat, cold, and dust can all wreak havoc on your prized possessions. It is a good idea to start by downsizing your belongings first before moving to a smaller rental home.
Accessibility
Being able to move about your rental home comfortably is a big part of finding the right fit. If your current rental has features that make access difficult, such as stairs, it might be time to consider downsizing to a single-story rental home. It is also easier to clean and maintain smaller homes. Household tasks take less time to finish so you can spend more time on other activities.
Amenities
The desire to live nearer to cultural centers, the local nightlife, or other amenities can also be a reason to think about downsizing. Rental homes near top-notch amenities are usually more expensive, but if you downsize, you may be able to find something within your budget that is conveniently near the places and events you love.
Plans for the Future
You might be thinking of downsizing because your life– and priorities– has changed. Maybe your kids are now grown and gone, and you are about to retire and plan to spend your new free time someplace else rather than at home. You feel that downsizing to a smaller rental will free you even more to do all those things you have been wanting to do for so long.
Ultimately, the only person who can decide if it is the right time to downsize your rental is you. But if you’re ready, go ahead and give Real Property Management Investment Solutions a call. We have rental homes designed to support a wide range of life stages and lifestyles. We’d love to help you find the rental home that is perfect for you! You can view our listings online.