Downsizing means changing your lifestyle entirely. Yet the benefits can be well worth it if you do it right. Here are some things to think about if you’re considering downsizing.
Financial Benefits of Downsizing
- Lowering your mortgage. The smaller your house is, the less you may be spending for mortgage payments each month.
- Slashing your debt. With less of your income being directed to your home, you’ll be able to pay student loans, car payments and other debt much faster.
- Boosting your retirement. You’ll also be able to put more of your money into your retirement plan when your mortgage payments are lower.
- Eliminating your mortgage. Buying a smaller home could mean that you can say goodbye to a mortgage altogether. This is especially true if you’re able to spend the money you made selling your old house on the new one.
Realtors can help you make the most informed decision when it comes to finding the smaller house of your dreams. They also can make it easier to know you’re getting the most value out of your existing home when you put it on the market. For more on this, continue reading our guide to downsizing your home below!
My name is Amy and i’ve been a passionate blogger about life, love and travel for many years. I first started blogging in 1997 and it’s been quite a journey since then. I keep my blog up-to-date on a weekly basis and you can also follow me on my Twitter account here: Hello