The pros of downsizing a home are many. They include fewer expenses every month from reduced energy costs, a smaller mortgage payment and reduced consumption because you don’t have extra room to store it. You will also have less stress and more free-time because of the smaller expenses and less work that you have to do to clean and maintain that big house. The cons of downsizing could be too drastic of a lifestyle change, less space for storage and less private space for family members, no spare bedrooms for guests. The new house could be less prestigious for some people. Belongings will have to be reduced which can be difficult for many people.
Key Takeaways:
- Increased cash flow and lower utility bills are advantages to downsizing your home.
- No room for guests and a less prestigious home are disadvantages to downsizing your home.
- Make sure to check the market and figure out if you are currently in a buyers or sellers market.
“Hosting a huge holiday dinner might be out of the question in a smaller home. Out-of-town guests might need to stay at a hotel when they come to visit.”
Read more: https://www.thebalance.com/home-downsizing-1798313