Downsizing has long been a popular option when homeowners reach retirement age. But there are plenty of other life changes that could make downsizing worthwhile. If you’re looking to save money. Downsizing your home could be a great help toward your goal. Downsizing is somewhat common among older people and retirees who no longer have children living at home. But these days, younger people are also looking to downsize to save money on housing.
When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares: “A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.”
What This Means for You – If you’re thinking about downsizing, ask yourself these questions:
1. Do the original reasons, I bought my current house still stand, or have my needs changed since then?
2. Do I need and want the space I have right now, or could somewhere smaller be a better fit?
3. What are my housing expenses right now, and how much do I want to try to save by downsizing
Once you know the answers to these questions, and if you have any additional questions feel free to contact me. I can walk you through how much equity you have in your house and how it positions you to win when you downsize.