Finances
In most places, larger rental homes cost more. They are also more expensive to maintain and tend to have higher utility bills. This is why many people start thinking about downsizing– 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. A smaller rental may not be able to accommodate all your furniture, heirlooms, and collectibles. Placing these things in a storage unit would mean you will incur monthly rental fees that could add up quickly. Consider whether or not the storage unit is climate controlled because heat, cold, and dust can all wreak havoc on your prized possessions. You can try to downsize 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. Smaller homes often mean spending less time on household tasks as well. Since they are easier to clean and maintain, you can spend more time on other activities.
Amenities
If you like living near cultural centers, the local nightlife, or other amenities, it might be a good idea to downsize. Rental homes near top-notch amenities are often more expensive, but if you downsize, you may be able to find something you can afford that still offers convenient proximity to the places and events you love.
Plans for the Future
Maybe you are thinking about downsizing because of a change in priorities. Your kids might have grown and flown, and you are thinking about retirement plans or about spending time somewhere other than at home. This might be the right time to downsize to a smaller rental, giving yourself more freedom to do the things you have always wanted to do.
At the end of the day, after considering everything, you are the only person who can decide if the time is right to downsize your rental. But if you’re ready, go ahead and give Real Property Management TradeWinds 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.