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Thinking About Downsizing? Here’s What Renters Should Consider

A wooden house adorned with various question marks, symbolizing curiosity about a rental home.
As a renter, it’s important that your home suits your needs and lifestyle. If your situation has recently shifted, you might be asking yourself whether downsizing to a smaller home is the right choice. A larger home with extra bedrooms may appeal to some, but it also means more effort to keep it clean and well-maintained.

As the 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 many locations, bigger rental homes come with a higher price tag. These homes are also more expensive to maintain and have increased utility costs. This is a major reason why people consider downsizing—to cut costs. If your finances have changed, downsizing your rental could be a wise decision.

Even if you can manage a larger home, consider the other ways you could spend that extra cash—on a hobby, traveling, or investments. Shifting your perspective in this way can guide you to a decision that prioritizes both space and financial well-being.

Reducing clutter and simplifying your living space

If downsizing is on your mind, it’s important to review your personal items and determine what to do with them. If you have plenty of furniture, heirlooms, or other items, they may not work in a smaller rental.

You could store your belongings in a unit, but the rental fees may become costly over time. Make sure the storage unit is climate-controlled, since heat, cold, and dust can harm your valuable belongings. Consider downsizing your items before you move to a smaller rental, if possible.

Spending less time cleaning

Comfortably navigating your rental home is an essential factor in choosing the right one. If your current rental has stairs or features that make it hard to access, you might want to downsize to a single-story home.

A smaller home means easier cleaning and maintenance, which is perfect for those who want to spend less time on chores and more on personal activities.

Living closer to specific amenities

If you’ve been wanting to move closer to the local nightlife, a cultural district, or nearby amenities, downsizing might be worth considering.

Rental homes near prime amenities are typically more expensive, but downsizing could help you find an affordable option near the places you love.

Is downsizing the right choice for you?

You may be contemplating downsizing due to changes in your life and a shift in your priorities. If your children are grown and gone and retirement is near, you may have plans to enjoy your free time somewhere other than at home. Downsizing could open the door to these opportunities, providing the freedom and flexibility to do everything you’ve dreamed of and beyond.

If you’re ready to find a new rental home in Wake Forest or nearby, Real Property Management Raleigh is here to help you. We offer rental homes that suit different life stages and lifestyles. We’re here to help you find your perfect rental home! Browse our available listings today and start your downsizing journey!

 

Originally Published on September 24, 2021

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