As a renter, it’s important that your home suits your needs and lifestyle. If things have changed in your life, you may be questioning whether downsizing to a smaller rental property makes sense. 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 simply too much.” Before choosing to downsize your rental, let’s think through a few key considerations.
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. If your finances have changed, downsizing your rental could be a wise decision.
Even if you can afford a larger home, it’s worth considering what else you could do with the extra money, like pursuing a hobby, traveling, or investing. 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 have plenty of furniture, heirlooms, or other items, they may not work in a smaller rental.
Renting a storage unit is an option, but those monthly fees could pile up quickly. Be sure to check if the storage unit is climate-controlled, as temperature changes and dust can ruin your treasured items. If you’re able, downsize your belongings before moving to a smaller rental home.
Spending less time cleaning
Moving comfortably around your rental home plays a big role in finding the ideal fit. If your current rental has stairs or features that make it hard to access, you might want to downsize to a single-story home.
Smaller homes require less effort to clean and maintain, making them a great option for those who prefer to spend their time on other pursuits.
Living closer to specific amenities
If you’ve been dreaming of moving closer to cultural hubs, nightlife, or key amenities, it might be time to consider downsizing.
Rental homes near desirable amenities are often more expensive, but downsizing may allow you to find something affordable with easy access to the places you enjoy.
Is downsizing the right choice for you?
Maybe you’re thinking of downsizing because your life and priorities have both changed. If the kids are out of the house and retirement is near, you may be thinking of spending your free time somewhere other than at home. Downsizing to a smaller rental could be the gateway to these possibilities, providing you with the freedom and flexibility to do everything you’ve dreamed of and more.
When you’re ready to find a new rental home in Tampa or nearby, Real Property Management TradeWinds is here to assist. We offer rental homes that suit different life stages and lifestyles. Allow us to guide you in finding your perfect home! Browse our available listings today and start your downsizing journey!
Originally Published on September 24, 2021
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