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Posted February 10, 2023 by Rental Advisors

Downsizing: Benefits and Tips

Downsizing could be for you if you’re thinking about retirement, recently became an empty nester, or if your current rental has become too much to maintain. 

Whether you move from a house to an apartment, or are simply looking for a smaller space to rent, the benefits are the same. 

One of the benefits to downsizing is saving money. If you’re trying to reduce the amount of money you put out each month, downsizing from a house to an apartment can save you a lot of money. Even downsizing from a larger apartment to a smaller one will save you monthly. Utility costs along with your insurance rates should also decrease. Other financial benefits can include reducing or eliminating costly repairs. If you own your home, you’re responsible for all the repairs and maintenance. Renting eliminates that financial burden, leaving you more money in your pocket each month. 

Another benefit many find with downsizing is an increase to their overall mental health. Living in a rental can offer freedom for traveling without the hassle of organizing who will look after your home while you’re gone. Also, many rentals and apartment buildings are in city locations near convenient amenities. Look for rentals in a location that allows you to walk to most of your daily needs or catch the bus to work. 

Downsizing also makes it easier to reduce clutter and stay organized. Large homes or rentals have extra space to clean and maintain. With less space to occupy you’ll collect less stuff and have less to clean. Downsizing offers a more manageable space to maintain giving you more free time for family and friends. 

Additionally, living in an apartment building, you’ll have a greater chance to meet new people. A boost to your social life can be a surprising benefit to downsizing. Without a large space to maintain and more money in your pocket, you can enjoy other things in your life and relax with more free time.

If you’ve been considering downsizing, check out our various rentals throughout Alberta.