Downsizing to an Apartment: When is the Right Time?

October, 27th, 2022

A kitchen space in a Summit apartment

When picturing a dream home, many people imagine a beautiful, sprawling estate with a massive amount of space. While it may be nice to fantasize about the giant house in the countryside, the reality of owning a large home is far less romantic: it can often mean larger bills, higher maintenance, and plenty of unexpected costs. Apartment living lowers expenses and virtually eliminates maintenance, all while still offering space to suit your needs. It’s important to plan to downsize to an apartment before your current living space becomes unmanageable, giving you time to find a new home that scales back your responsibilities, giving you the freedom to focus more on what matters most.

The Benefits of Downsizing

Lower Costs

When you own a home, you’re responsible for a mortgage, utility bills, property taxes, and much more. Meanwhile, renting an apartment provides you with one fixed cost each month: rent. It’s easy to plan your monthly expenses, giving you more financial freedom.

Lower Maintenance

As a homeowner, you’re responsible for all aspects of home maintenance, from mowing the lawn to fixing that leaky roof, and these tasks cost you a significant amount of time and money. When renting an apartment, maintenance is taken care of by your landlord, and apartments generally require less upkeep than a house.

Downsize Your Clutter

When you downsize your space, you also inevitably downsize the amount of clutter in your home. Is there a reason you’re keeping those dated curtains you’ve never hung, or that calendar from 2013? Downsizing helps put into perspective how much stuff you really need and what you use.

When to Downsize From a House to an Apartment

Your House Becomes too Expensive

Many people decide to downsize to an apartment when monthly expenses begin to become unmanageable. Following major life changes like job loss or retirement, you may find that your income no longer supports owning a home. In these cases, it makes good fiscal sense to downsize to an apartment.

You Want to Get Away From Home Maintenance

People often decide to move into an apartment when home maintenance becomes too much to keep up with. Whether it’s due to age, or simply because you simply can’t stand mowing your lawn for the rest of your life, downsizing is the ideal solution when labor-intensive home maintenance is no longer desirable or possible. 

You Aren’t Using the Space in Your Home

Having a large home may make sense when you have a family with growing children. However, after the kids move out, is it still practical to own a home with so many empty, unused bedrooms? If you’re finding that you have more house than you use, it may be time to consider downsizing to an apartment.

Your Freedom Starts with Summit

Downsizing doesn’t need to be a stressful process! In fact, it should relieve stress and allow you more freedom to live your life on your terms. At Summit, we love helping people live well through apartment living, and that’s why we offer onsite management and exceptional customer service to all our residents. Contact us today to find a London address that suits your needs and grants you the freedom you’ve been seeking.