We all wish for big in life, big home, big car, etc. But all these big things of life bring debts. Debts create big holes in the pocket that ultimately make even bigger holes in physical and emotional health.
I am not saying you should not have a big home. Of course, one should have a big home only if buying that home does not snatch your peace of mind. Say suppose if you have purchased a home which you have financed and every month you are tensed to arrange for its big installments, then what is the meaning of having such luxury which you can not enjoy with freedom?
The other thing is if your family is small, then getting tangled in loan debts for big homes will stick your money. No doubt rate for your property will increase with time, but these rates will be enjoyable only if you sell the property. And selling the home is very rare. So it is better to downsize as per the requirement and to enjoy tension free life.
By downsizing home, I only mean to say save your hard-earned money for better use in life and enjoy other aspects of it rather than getting tangled into soul-sucking debts. To escape from this soul-sucking debt, I believe downsizing some big things can help us in a better way. One good idea to escape from these debts is to make smaller homes. Let’s see the benefits of downsizing homes –
Small Home Loan Debt
The home is on a land area or plot. The smaller the plot size means you will have smaller home loan debts.
Small Construction Debt
If you buy a smaller plot, it means it will have minimal construction, which ultimately means less construction cost and a comparatively smaller construction loan, which otherwise could be more, with a larger plot size with a larger area for construction.
If you wish to buy a big plot, then you can downsize your home. You can make construction on the smaller area as per your requirement and the size of your family. Then on the remaining plot, you can plant useful plants and shrubs. A beautiful garden can be developed full of greenery and flowers. Even you can construct your home in the center and can grow plants and trees in the surrounding.
Growing trees and plants surrounding the home will automatically keep it cool during the summers, and you will not require pollution-causing air conditioners. It will render you natural fresh air, and you will save on the cost of air conditioners. In such cases, only fans can do well during summer. It will also save you electricity bills. And you can keep all these extra savings aside, keeping your bank balance intact and your pocket happy.
Peace Of Mind
Surrounding plants and trees will attract birds and squirrels. Gazing at them and their chirping will render peace to your mind and soul. Children at home will get space to play in the home garden, and you will not have to carry them somewhere else. Also, you can keep an eye on their activities while doing household chores or just relaxing in the garden and reading your favorite book, or listening to podcasts.
Freedom Of Trips Or Investment
Money escaped from the EMI of a big home loan can be utilized for a most awaited leisure trip with your family, which you might have planned for years, but every time idea might have dropped due to lack of funds.
These holidays spent with family will create lifetime memories and will rejuvenate you.
Suppose you are not planning for vacations this time, then you can put your money in the bank for a fixed deposit, or you may opt to invest in mutual funds or any good scheme suggested by your banker. Your money will grow with time, and you may get a handsome amount at the time of need.
Since the home will be smaller than it will be more manageable, you would not have to rely on a maid to manage your home. Since you will be maintaining your home by yourself, it will save you paying for the maid. You can keep this extra amount aside and save it for future use. Also, you will require less maintenance cost if any future maintenance in the home.
Easy New Look
Suppose if you have a smaller home, you can give a new look to it in one go whenever you feel like changing. But making changes in the big homes is difficult because you will have to make changes in a big area. It will require more planning, and it will prove to be more expensive also.
Saving Of Energy & Resources
Cleaning big homes requires a lot of energy and time. They also need resources, like water, cleaner aids, and detergents in excessive quantity, more electricity consumption for Vaccum cleaner which means comparatively a bigger electricity bill. Downsized home will save you energy and time.
Clutter-Free Clean Home
It is a fact that big homes attract more clutter. Since big homes are spacious, they can accommodate more things. It usually happens that people buy more things without considering their usage. After some time, these things remain unseen and unused in the home for years. These also prove to be a wastage of money due to unnecessary buying.
If you are planning to buy a home for yourself in the coming future or if you already own a home but still pay a mortgage for it, then considering the above highlights may help you so that you can make a wise decision while dealing with a property.
What are your thoughts on downsizing your home? Share your views through the comment section below? Till the next post, have a great time!!