Should you downsize?
With rising costs, inflation, and uncertainty, many homeowners are considering downsizing which can offer many benefits financially. Downsizing lowers your living costs, power bill, maintenance costs & work, yard work, taxes, insurance, and much more.
Downsizing can not only reduces your monthly expenses but, also frees up more of your time. It takes twice as long to clean twice as much house and takes half the time to mow a half acre than it does a quarter acre.
So, many people are real estate rich but bank account poor. This means they may own their house or have a lot of equity. That is a great strategy when everything is going up, but, when prices are going down, it is a bad idea to hold onto a falling asset.
We have helped clients list and sell their home to downsize into better-suited home. Many of them also are able to pay cash from the proceeds of their home. They find a place that is newer, nicer, and better quality than the one they have and for a fraction of the price because it is smaller.
Have someone else take on all your higher monthly expenses. Do you want to sell your home?
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