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Anyone ever do this? My partner and I were thinking of it, we could sell our current house, buy a smaller house just outside the city and he mortgage free in less than 10 years. Our house wouldn't be fancy but we would be able to buy a rec property then.
This sounds like an amazing option. You don't need a fancy house, you need financial stability and happiness, and it sounds like this would do all of that for you. I'm excited for you and I don't even know you, lol.
We downsized from a two bedroom apartment to a one bedroom apartment. It was functional, but wasn't great when we had overnight guests. It was a lot easier on the checkbook though. It all depends on your priorities and needs. We need/want a second bathroom.
We downsized from a three-bedroom, three-level townhouse (including basement) to a two-bedroom, two-level apartment that is probably still around 1100 sq ft. I think the concept of how much space we need is absurd. Granted I complain about storage and would love just one more closet (there's no front hall closet) but when I think about the space my parents were raised in 50 - 60 years ago... we're all obsessed with space now. Personally, I also hate having the extra space to clean :)
We downsized from a 3 bedroom house (1700 sq. ft plus finished basement) to a 2 bedroom condo (1400 sq ft). On paper it sounded easy. Financially it was a good move.
However one of the problems included having a den (for computer, books, files, etc) to nothing. Am still balancing the space. Losing the extra bedroom was not that bad. If you were a sewer that would be a challenge. Not having the basement or the den or the outside storage sheds made us make some tough decisions.
Another problem we had was our artwork. Even a framed poster can have very special memories.
I guess what I'm trying to say is that "your stuff" might make it more of a challenge.
We went from 1100 sq feet down to 400. It was really tough for the first couple of months. I still miss the 2nd bathroom though.Quote:
Originally Posted by alicia
Once the kids are gone I want to get a nice bungalow (currently have 4 bedrooms/2 story house with finished basement. Love the space for the kids but won't need it down the road.
We went from an 1800 sq ft 3 bedroom house with finished basement to a 2 bedroom 1100 sq ft apartment with a storage room. With no kids left at home, the transition was fairly easy.
I did find end tables that double as magazine racks and a coffee table that doubles as a storage chest. I also modified the dresser in the guestroom so that it can double as a dresser for guests and act as a computer workstation when we don't have visitors. We are fortunate enough to have a walk in closet in our master bedroom and decent sized closets in our guestroom and entry hall.
I do think that downsizing makes you think more about what you really do need/not need to hang onto. Financially, I don't miss the expense of a larger home and I've learned to hang onto fewer things.
Thanks everyone for your insight. We are considering downsizing from a 1200sq ft house (plus basement) to a mobile home (we would own the land) of the same sq ft except no basement. What would be sacrificing the most of the lot size, we have a really decent sized lot right now but we are finding it just too much work and we barely use it. We do have a child but she is not in school yet, so it would be ideal to move before school came into the picture. I am just finding so many of our priorities have changed since having our child, and I'd rather have money for activities/travel/savings/rec property than a house.
Probably now is the right time to downsize as the real estate prices are at the peak , so if a real estate crash comes the people with bigger more expensive houses will lose more money than those with smaller houses.Quote:
Originally Posted by Future
If the mortgage rates start going up which might be pretty soon as they have been at a historic low for a long long time , the crash won't be that far off ;(
so if its a 10 % crash , 10 % of a 500,000 house will be more money than 10 % of a 250,000 house.
I agree with you!!!Quote:
Originally Posted by Brooke_
We downsized our mortgage amount by moving out of the city. Bigger house, smaller price tag :) It's another way to look at it. And by moving our I mean I moved like 30 mins away but stayed in the 416.
Recently my sister bought a rec property for next to nothing with a house on it! She is going to retire out there and not have a mortgage or a big giant fat property tax bill. I think this is the best plan so you can retire earlier, live frugally and be happy!
Don't forget to check out the building codes in your area. Most often, you can build an under 10 square metre (about 110 square foot) shed without having to get a building permit. Done correctly, this can greatly increase your effective storage.
For some really creative ideas, google tiny house to get the ideas going.