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.

678 Properties
Page 1 of 57
$339,900
Neighborhood: Port Charlotte Sec 069
3
Beds
2
Baths
1,804
Sq.Ft.
2024
Year Built
1
Day on Site
A4607709
MLS
$799,900
Neighborhood: Live Oak Landings Ph 02
2
Beds
2
Baths
1,357
Sq.Ft.
2000
Year Built
1
Day on Site
D6136126
MLS
$430,000
Neighborhood: Port Charlotte Sec 069
3
Beds
2
Baths
1,640
Sq.Ft.
2018
Year Built
1
Day on Site
A4607620
MLS
Open 4/21
743 Summersea Ct Englewood,  FL 34223
$240,000
Neighborhood: Tangerine Woods
2
Beds
2
Baths
1,529
Sq.Ft.
1984
Year Built
1
Day on Site
D6136155
MLS
Open 4/19
1061 Owl Dr Englewood,  FL 34223
$894,900
Neighborhood: Dalelake Estates
3
Beds
3
Baths
1,884
Sq.Ft.
1982
Year Built
1
Day on Site
N6132275
MLS
Open 4/20
1230 S Maryknoll Rd Englewood,  FL 34223
$975,000
Neighborhood: Oxford Manor 3Rd Add
4
Beds
2
Baths
2,664
Sq.Ft.
1962
Year Built
1
Day on Site
A4607648
MLS
5
Beds
3
Baths
3,072
Sq.Ft.
1971
Year Built
1
Day on Site
D6136061
MLS
$499,900
Neighborhood: Bartlett Sub
3
Beds
2
Baths
1,281
Sq.Ft.
1981
Year Built
1
Day on Site
D6136163
MLS
$1,290,000
Neighborhood: Port Charlotte Plaza Sec 07
4
Beds
3
Baths
2,038
Sq.Ft.
1973
Year Built
2
Days on Site
A4607554
MLS
Open 4/20
1800 Englewood Rd #159 Englewood,  FL 34223
$159,000
Neighborhood: Oak Grove
2
Beds
1
Baths
826
Sq.Ft.
1969
Year Built
2
Days on Site
A4607005
MLS
$499,000
Neighborhood: Bay Harbor Estate
3
Beds
3
Baths
2,032
Sq.Ft.
1980
Year Built
2
Days on Site
D6136135
MLS
$189,700
Neighborhood: Marina Isles Ph 2
2
Beds
2
Baths
1,080
Sq.Ft.
1982
Year Built
2
Days on Site
A4606587
MLS

Post a Comment