The fact that downsizing will save you money is hardly major news. In addition to paying less in taxes and mortgage, you’ll also spend less on maintenance. Not to mention that it also lessens the stress of having more utilities to pay. However, choosing to live in a smaller home is not just a wise financial move. But more importantly, making the decision to downsize can raise your standard of living. How and Why? Here are good reasons why smaller homes are ideal today.
Things to Keep in Mind
Homeowners still have a record-high level of equity today. And that is a significant factor in why downsizing is still financially advantageous. Leveraging your equity when you downsize can reduce or even eliminate your next home’s mortgage payment. So, not only is it probably more affordable to maintain a smaller home, but using the equity in your home could also be very beneficial.
The Bottom Line
There will be more homes that are less expensive and smaller, which is good news for you. Although it doesn’t address the affordability crisis, it does provide opportunities for people. It enables them to purchase an entry-level home.
What To Do:
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