How Downsizing Can Help Homeowners Save Money and Reduce Stress

As people reach retirement age, downsizing has become a popular option. However, downsizing may also be a viable solution for homeowners who have undergone changes in their lives or feel like their current home no longer suits their needs. According to U.S. News, downsizing is not only common among retirees but also among younger people who seek to save on housing expenses.

“Downsizing is somewhat common among older people and retirees who no longer have children living at home. But these days, younger people are also looking to downsize to save money on housing . . .”

Given the increasing inflation of most things, finding ways to save money has become more appealing than ever. Downsizing may be a practical way to budget differently and save money. Although people usually think of grocery and other frequent purchases when they think of cutting expenses, downsizing a home often reduces bills like mortgage payments, energy costs, and maintenance requirements. Realtor.com suggests that selling a larger home and buying a smaller one can lead to a potential windfall.

“A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.”

When downsizing, homeowners can use the equity they have developed in their home as an asset to buy a new home that meets their current needs. Real estate experts can assist in the process of selling a house, finding the perfect location and size for a new home, and understanding what mortgage rates can be afforded.

If you are considering downsizing, ask yourself if the reasons for purchasing your current house still hold true or if your needs have changed since then. Consider if you require and want your current space or if a smaller space may be a better fit. Take into account your current housing expenses and the amount you would like to save by downsizing. Meeting with a local housing market professional to discuss your equity and options in the current market can provide clarity.

In conclusion

Downsizing a home can be a valuable way to save money. If you want to discuss your housing market goals this year, let's connect.

329 Properties
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$389,000
Neighborhood: Oak Forest Ph 1
2
Beds
2
Baths
1,384
Sq.Ft.
2004
Year Built
2
Days on Site
N6127146
MLS
**TURNKEY & FURNISHED** Beautifully Updated VILLA with 2 bedrooms, 2 bathrooms, and an attached 2 car garage. This home has been lightly lived in and is in move in condition! This home has voluminous...
$997,621
Neighborhood: Englewood Farm Acres Sub
4
Beds
3
Baths
2,439
Sq.Ft.
1983
Year Built
2
Days on Site
D6130629
MLS
Welcome to Englewood Farm Acres! We made it through Hurricane Ian! NO FLOOD ZONE! Keep your animals high & dry here! Farm life living minutes from the beach! Does it get better than this? The 4...
$694,900
Neighborhood: Beachwalk By Manasota Key Phs
3
Beds
2F11/2
Baths
2,076
Sq.Ft.
2022
Year Built
3
Days on Site
A4572445
MLS
Welcome to your dream home in Beachwalk by Manasota Key! This stunning new construction is ready for you to move in and start enjoying the resort-style living you've always dreamed of. With no CDD or...
$1,075,000
Neighborhood: Pine Cove
3
Beds
2F11/2
Baths
1,670
Sq.Ft.
1979
Year Built
3
Days on Site
D6130897
MLS
ATTENTION BOATERS: IF YOU WANT TO LIVE YOUR BEST COASTAL LIFE .DO NOT LET THIS ONE PASS YOU BY.
This beautiful coastal/beach themed home is situated right off of the intracoastal waterway of...
$319,000
Neighborhood: Oxford Manor
3
Beds
1
Baths
1,110
Sq.Ft.
1969
Year Built
3
Days on Site
D6130920
MLS
Welcome to this charming and spacious turnkey furnished Old Englewood house, located just 2.3 miles away from the beautiful Englewood Beach! This delightful home has been thoughtfully designed to...
$384,900
Neighborhood: Port Charlotte Sec 074
3
Beds
2
Baths
1,518
Sq.Ft.
2007
Year Built
3
Days on Site
N6127126
MLS
Welcome to your dream home! This lovely property boasts a wealth of desirable features that will help you feel right at home. You will have peace of mind knowing this home features a BRAND NEW ROOF....
$438,000
Neighborhood: Port Charlotte Sec 064
3
Beds
2
Baths
1,938
Sq.Ft.
2007
Year Built
4
Days on Site
A4572001
MLS
Great opportunity to own your dream home with this immaculate 3 bedroom, 2 bath, 2 car garage just under 2000 heated s.f. This custom-built home greets you with a huge open floor plan, high...
$525,000
Neighborhood: Shamrock Shores 1St Add
3
Beds
2F11/2
Baths
1,915
Sq.Ft.
1993
Year Built
4
Days on Site
D6130893
MLS
Welcome to your dream home! This exquisite house, nestled in the serene neighborhood of Shamrock Shores, offers the perfect blend of timeless charm and modern luxury. This stunning residence has...
Open 7/15
1260 Shore View Dr #A & B Englewood,  FL 34223
$3,983,000
Neighborhood: Englewood Shores
3,800
Sq.Ft.
2002
Year Built
4
Days on Site
D6130884
MLS
AUCTION - Seller offering property via online auction. Bid online with a starting bid of $750K. One-of-a-kind duplex on the Gulf of Mexico, located on a white sandy beach with an expansive view of...
$2,064,811
Neighborhood: Eagle Preserve Estates
3
Beds
3F11/2
Baths
3,272
Sq.Ft.
2023
Year Built
4
Days on Site
D6130896
MLS
Under Construction. Estimated completion date of August 31, 2023! Brand new 3 bedroom plus den, 3.5 bath custom home in the gated community of Eagle Preserve Estates! Situated on an almost 15,000 sq...
$415,000
Neighborhood: Port Charlotte Sec 074
3
Beds
2
Baths
1,183
Sq.Ft.
1989
Year Built
4
Days on Site
D6130891
MLS
This immaculate home boasts recent upgrades in excess of $140,000. To detail a few-2022 shingle roof, heated in ground pool and screened cage, tastefully re-modeled bathrooms, stainless steel kitchen...
$599,900
Neighborhood: Pelican Landing Bldg E
2
Beds
2
Baths
1,293
Sq.Ft.
1981
Year Built
4
Days on Site
D6130774
MLS
Looking for a peaceful, relaxed lifestyle in close proximity to all the amenities you could want? Then come view this recently renovated Manasota Key condominium. It is located right on the bay with...

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