Why Downsizing May Be Right For You

by Guest on January 24, 2012

Owning or renting a large home, condo, or apartment comes with a ton of responsibility both financially and physically. For many looking to take a few burdens out of their life, downsizing their homes may be a good option – especially if you are now empty-nesters. Downsizing your home space can save you a couple, if not several, hundred dollars a month – giving you the financial freedom you’ve been seeking. A few of the most advantageous ways downsizing saves you money includes:

Less In Rent or Monthly Mortgage

It’s not anything new to know that when you downsize the amount of space you occupy that you will most likely have a smaller monthly rent or mortgage payment. If you are living in a large apartment now, a smaller apartment can easily save you a couple hundred dollars a month and can easily be found on Craigslist or RentMatch.

If you live in a larger home, move in to a smaller, less expensive home to save on your mortgage, private mortgage insurance, and homeowners insurance – a triple savings that could give you several hundred dollars a month back into your pockets.

Lower Utilities

If you live in a smaller place, it will cost less to cool and heat, and depending on how many floors and square feet you shed you could save a substantial amount of money. If you are considering buying a smaller home to meet your downsizing needs, be sure to buy one with green updates, such as new insulation and Energy Star appliances, to save even more.

Less Maintenance

When most people think of the money they will save by downsizing, they think about the discounted rent or mortgage and utilities. However, the cost of maintaining a smaller home can also produce substantial savings – in both time and money. When you live in a smaller home, the price of re-roofing, painting, landscaping, and countless over honey-dos drops which can save you money both short-term and long-term.

While downsizing may not seem like a very glamorous way to start off the new year or save money, it is actually one of the easiest and quickest ways to put a substantial amount of money back in your pocket. So if you are looking for a solid way to clear some of your debt fast, consider downsizing your home.

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