Is living smaller for you?

Tiny house, tiny budget

Choosing to live in a smaller home will naturally have a big impact on your budget. Smaller, more condensed living spaces usually equate to you having to spend less on where you live. Although, of course, that may depend on the location of your home. A one bedroom apartment in an elite suburb can cost more to rent than a small house in a less popular suburb, of course. If living small is your next property move, you’ll need to consider some of the perks and pitfalls, before your big-small move.

Store your stuff

If living in a smaller home is a lifestyle you’d like to try, but not necessarily commit to for the long term, consider storing your big ticket items in an affordable, safe storage unit for a year or two. Of course, that could affect your costs, but it may be an option if you’re planning to travel a lot during the year, or are just keen to try something new for a while.

Kon Mari your life

Marie Kondo is an international icon who believes in the “Life-Changing Magic of Tidying Up”. But, if you’re choosing to live smaller for a long time, you may need more of her magic than you realise. Before you move into a smaller home, you’ll need to cut down on your possessions. That may mean donating large items to a suitable charity, or clearing out your cupboard so that you don’t spend your time in your new home, stepping over boxes. We’d also recommend adopting some of these nifty space-saving hacks for your new home.

Read more: Lessons on decluttering from Marie Kondo

Kids, pets, and people

Living small may be something you’d like to try, but it may not be suitable for your whole family – especially if you’re a large troop. Although budgetary constraints may influence your home-related decisions, there are other elements of life to consider too. When looking to live small, you’ll need to think about:

• Location: Choosing the right type of smaller property isn’t only about your desires. You’ll need to find the right property in the right area too, that doesn’t negatively affect your commute to work, school, or other important destinations.
• Space: The amount of space your family needs will be primarily defined by just how many there are of you. Cramming granny, grandpa, six dogs, four kids, and a hamster, into one-bedroom flat is probably not going to fly. And, we’re certain, your landlord won’t agree to it either. Before you make your big-small move, consider what you need and what the terms of your proposed lease or purchase states.
• Your lifestyle: If you travel a lot, rarely spend a night in, or are always on the move, choosing to live small is bound to be simpler for you. A friend of mine says they only have a kitchen because it came with their house, and living small works well for them!
• Your loved ones: Changing your lifestyle and location is going to have an effect on the people and loved ones you do it with. Choosing a suitable smaller property that can accommodate your people and pets is imperative. But, if you’re footloose and fancy-free, choosing a smaller home will be somewhat simpler.

Low maintenance living

There’s a big perk that comes with living small: low maintenance living. A smaller living space immediately leads to less time spent cleaning, and more leisure time. Choosing to live small means you won’t necessarily need extra domestic assistance. That could enable you to set aside a little money to put towards your next holiday.

Lock up and go

If you’re a regular traveller, for work or leisure, living small could give you the lock up and go lifestyle you’re looking for. It could also lead to an extra line of income for you, as the option of listing your home on AirBnB while you’re away might be suitable for you as a property owner.

It’s easier in an apartment

Living in urban areas makes living small a simpler choice, as the convenience of living close to your office and important amenities can drive home the decision. But, there are other things to consider too. Living in an apartment may offer you better on-site security, and you’ll always be surrounded by people. Notably too, renting or purchasing an urban apartment is typically cheaper than doing the same for a house situated in the same area.

Is living small your next property move?