If you find yourself closely examining your expenses as you waltz towards retirement, the thought of squeezing those pennies definitely has its own quirky appeal. One classic and foolproof way to achieve this is by downsizing to a cozy mini abode. Let’s look at the benefits of downsizing.
Shrink Your Bills
When you ponder about trimming your expenses, chances are you think of regular splurges like food shopping and other goodies. But when you shrink your house, it’s like putting your bills on a diet too! Mortgage payments, energy costs and maintenance demands all slim down.
Gain Some Equity
The jackpot comes courtesy of home equity. If you’ve been nesting in your house for some time now, chances are that equity has been piling up like dirty laundry! And that equity can be used to snag an abode that suits your current needs better than an oversized t-shirt.
And when it’s time to use that equity to fuel up for the next adventure in real estate land, your agent will help set the right price tag on your current property when selling time comes around.
What This Means For You
If downsizing is tickling at the back of mind then ask yourself: Do I still need my current house or have my needs changed? Is all this space necessary or could somewhere cozier fit me better? What are my housing expenses now? How much could I save by going small?
Then meet with a real estate agent to answer this one: What are my options in the market right now? A local agent can help you understand how much equity you have and how it positions you to win when you downsize.
Bottom Line
Downsizing when you retire can be a smart move to save money and increase your home equity. So, if the idea of downsizing is on your mind, consider meeting with a real estate agent to explore your options and secure your golden ticket to financial freedom in retirement!
