3 Reasons You Should Downsize

Tuesday, September 15th, 2015

The kids are all moved out, retirement is nearing and the thought of spending countless hours maintaining the house this spring and summer seems more and more daunting each passing year. Here are 3 reasons why downsizing might be right for you.

1. Save on Utilities

The more square footage your home has equals to spending more money every month on utilities to heat or air-condition your home.

For example, if on average you spend about $0.12/square foot on utilities then if your home is 2,600 square feet you would spend approximately $312 per month on utilities. If you were to downsize to a 1,200 square foot home you would spend approximately $144 per month on utilities. That’s a savings of $168 per month or $2,016 a year just on utilities!

 2. Save on Taxes and Insurance.

As mentioned above, the smaller your home, the less money you will spend on taxes (none if you rent) and on home insurance. Depending on where you live, this alone could save you thousands of dollars a year.

 3. Easier to Maintain Equals more Freedom

This one is easy. If you have owned a home, you know how much energy, time and money goes into maintaining the inside and outside of your home. Not to mention weekly cleaning. Downsizing gives you not only more financial freedom in this scenario but more time as well to spend doing what you love!