Have you been thinking of downsizing your home? Why downsize your home? Downsizing your home can provide numerous advantages.
6 BENEFITS TO DOWNSIZING
- A smaller mortgage if you’re not paying cash for the new home.
- Lower property taxes.
- Lower insurance rates for a smaller home.
- Lower utility bills.
- Less maintenance both inside and outside of the home.
- Freeing up equity you have in your current home to pay off debt, fund your retirement or other lifestyle plans (such as travel, purchasing a vacation home, etc.).
WHY DOWNSIZE YOUR HOME: HOW HOMEOWNERS WIN WHEN THEY DOWNSIZE
Downsizing is a popular option for homeowners when they are thinking about retiring or when they become empty nesters. But before you take the plunge to down-size, you should carefully consider your reasons for moving and figure out how much it will cost to downsize. Selling your home and moving to a new one will include brokerage fees, legal fees, sales tax, capital gains tax in some cases, moving fees, home fix-up costs before you sell.
3 QUESTIONS TO ASK YOURSELF IF YOU’RE THINKING ABOUT DOWNSIZING
Whether you’re looking to downsize to reduce expenses and save money, to relocate to a dream destination, or move to live closer to loved ones, if you’re thinking about downsizing, ask yourself these questions:
- Do the original reasons I bought my current house still stand or have my needs changed since then?
- Do I really need and want the space I have right now or could somewhere smaller be a better fit?
- What are my housing expenses right now and how much do I want to try to save by downsizing?