Is it Time to Downsize? and the Benefits...

[Ralph DiBugnara]

Is the maintenance of your home going over your budget? Have the kids all left for college and the home is too big for you? Or do you want to move out of the suburbs to the city? If any of these situations resonate with you, then downsizing can be an option for you.

. The benefits of downsizing are:

1. Saving Money - Moving into a smaller home typically means having a lower monthly payment and lower utility, insurance, and maintenance costs. This would leave more money in your pocket for potential savings, investments, renovations, etc.
2. Lower Maintenance - downsizing typically reduces the amount of labor required to maintain the home because there is less area available to clean. This is especially the case if you downsize from a house to a condo or townhouse because, not only would the space be smaller, but because HOA's tend to take care of exterior care.
3. Preferred lifestyle - Sometimes, living in a very desired area of town means getting a smaller home that can accommodate you and your preferred lifestyle.

A bigger house is not always the best option for some people and if you feel as though you have too much house to handle or the monthly payments don’t make sense anymore, then consider downsizing into a home that you feel comfortable in.