Not everyone needs a large home. You may be at a point in your life where the kids have moved out and you just do not need the larger space or you may be just starting your career and are seeking to invest in a small property. Or, you may just want to live a minimal lifestyle. Whatever your reasons for wanting to live in a smaller space, there are several options available to you.
Smaller Square Footage
Buy a Smaller Home: Simply selling your larger home and purchasing a smaller home may meet your needs. You will still inherit everything that comes with homeownership (e.g., cutting the grass, maintaining the home, replacing appliances, etc.). However, if living in your own home is important to you, then a home with less square footage may be the way to go.
Stand Alone Villa: Stand-alone villas are essentially smaller homes with less square footage and acreage to maintain. However, many times stand-alone villas are built in a community with homeowner association fees. Typically you will pay a monthly or annual fee to the homeowners association so that the grounds in the community are maintained in a certain way.
Condo: Moving into a condo is considered a traditional way to downsize. A condo can be apartment-sized and located within a building of other condos, or be connected on one or both sides to another condo. Living within a building with multiple condos or living in a condo that is connected to other condos means that there may be more noise from your neighbors than you are used to if you were living in your own home.
Duplex: Another option when downsizing is considering purchasing a duplex. Here you own the entire building, but live in either the upper or lower, or on one side of the duplex. Owning a duplex will enable you to bring in rent if you lease out the other part of the duplex. However, like a condo, you will be living immediately next to someone else.
If You Like To Travel
RV: You may want to travel frequently. In this case, you can live on the road by investing in an RV (recreational vehicle). An RV is essentially a house on wheels, containing everything you need to live. RV’s can be paid for via a mortgage and can be sold if you decide to live in more permanent housing.
Tiny House Movement
Within the past few years, the tiny house movement has taken off. Like an RV, a tiny house can be built on a base with wheels so that you can move it. Unlike an RV, moving a tiny house takes a bit more planning since it really is an actual small house that happens to be moveable.
Housing as You Age
Many individuals over 55 years old are choosing to live in a community that has smaller houses, but that provides various housing options as you age. Getting older may mean being unable to climb stairs, needing help with medications and nutrition, and other challenges that come with aging. Assisted living facilities are designed for staged-aging, meaning that your housing options change right within the community as you become older, being less able to move and function.
Condo living is no longer the only option if you want to downsize your living arrangements. Smaller houses offer the freedom of homeownership on a lesser scale. Duplexes provide you with income options. RV’s and tiny houses give you moveable options. And assisted living communities give you opportunities to meet your changes in housing needs as you age.