The surprising upside to downsizing your rental
Category Advice
When it comes to the size of your rental home, sometimes less really is more. The move to a small property or downsizing has become popular in South Africa. There are financial and practical benefits but also a shift to a more active, fuss-free lifestyle. If you're considering a switch from "living large" to "cosy and comfortable", downsizing is truly the way to go.
Old Mutual insights on downsizing
The 2021 Old Mutual Savings and Investment Monitor (OMSIM) annual research report reveals how the habits and behaviours of working metropolitan households are shifting. A key finding is that many are opting to move to a more affordable rental property. According to Lynette Nicholson, head of research at Old Mutual, people are taking a closer look at their finances and making frugal choices. Choosing to downsize today can help you in the long term to overcome a tough economic climate.
Benefits of downsizing your rental home
Whether you're a family cutting down on costs, a professional looking for a change of pace, or a retiree making a smart financial move, downsizing has many perks.
1. Reduce your monthly costs: As the major reason for downsizing, a move to a smaller home can be your gateway to financial freedom. Downsizing can mean reduced rental payments, lower utility costs, and simplified household insurance.
2. Boost your funds: If you're saving on rental costs, you can use that money for the things that truly matter to you. Perhaps you want to put away more money for retirement? Or invest in your child's education fund? You can even direct the savings towards making the move from renting to owning a home. Remember, every bit counts!
3. Getting rid of clutter: Studies find that clutter can trigger anxiety and stress. A small home can encourage you to only store essential items for daily living, preventing clutter. By downsizing, you can get rid of unneeded belongings and simplify your lifestyle. Donating or upcycling items can also be a positive way to start life at your new home.
4. Enjoy less upkeep: With fewer rooms and less space, downsizing to a smaller home can do wonders for your maintenance. With more time on your hands, you can experience a better quality of life. Even if you hire domestic assistance, you'll still save on household cleaning products.
5. Have a cosier ambience: A small home can be worth the move for comfort. They're easier to heat and also encourage families to gather in communal spaces. Small houses also provide security advantages; fewer rooms mean fewer opportunities for burglars to break in and it's easier to monitor activity. A downsize could be just what you need for your peace of mind.
6. Get a change of scenery: Any kind of move offers the chance to be part of a new community. Whether you're after an area with stellar shopping experiences, special attractions, or events, downsizing can be the start of your next adventure.
7. Adopt a new lifestyle: The move to a smaller rental home can spark a lifestyle revolution. The savings can translate to more travelling, picnics, or a new hobby. The time you would normally spend on upkeep can be channelled into quality time with the family. With lower utility costs, downsizing can be the start of environmentally conscious practices. And by ridding yourself of clutter, you can even embrace a minimalist lifestyle.
Start your downsizing journey today
While downsizing is usually motivated by finances, it can be a wonderful way to hit reset and live an even better quality of life. The money and time you save can be used to do the things you love. De Lucia Group aims to make your downsizing a successful chapter. With a range of affordable houses, townhouses, apartments, and flats available for rent, we can meet your needs. View our properties and message our team today. You can also call Michael De Lucia directly on 082 493 1089 or email michaeldl@delucia.co.za for advice.
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Author: De Lucia Group
