Downsizing is a popular choice for homeowners when they retire or when their needs change, but with inflation still high, it’s also a way to reduce costs!
If you’re thinking of downsizing, ask yourself:
- DO I REALLY WANT ALL THE SPACE I HAVE RIGHT NOW?
- HAVE MY NEEDS CHANGED SINCE I BOUGHT MY CURRENT HOME?
- DO I WANT TO MOVE SO I CAN TRY TO SAVE ON HOUSING EXPENSES?
Downsizing could help cut down on your expenses:
If you downsize, you may have lower energy costs and fewer maintenance needs. According to Realtor.com, 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.
Your equity can fuel your next move:
The equity you built up in your current house can help. It may be enough to pay for some (if not all) of your downpayment!
Did you know that the average amount of homeowner equity is $274,000!!!
