It’s very common for homeowners with no kids at home, now downsizing to a more manageable lifestyle, including taking on less home. These empty-nesters no longer need that four bedroom home with a large backyard. More families that were looking to keep up with the Joneses are now realizing the benefits of downsizing. Let’s face it, the more space you have, the more area you feel like you need to fill every square corner with! One of the beauties of downsizing your home is the ability to stop wasting money on furniture, electronics, appliances and home items that are used to fill space rather than to fulfill a function. Downsizing into a smaller home will help you prioritize your life and only bring what is necessary in your home. There are other benefits that come for those thinking of downsizing.
Lowering the Cost of Utilities
The cost of utilities is another big bill that’s easy to downsize if you move to a smaller place. If you’ve got less space to heat or cool, you should end up with more money in your pocket at the end of the month.
Cutting the Maintenance
Over the long-term, less space to maintain translates into less money spent. If you move to a smaller place, you can cancel the landscaping service and the pool boy, paint fewer rooms and resurface a smaller driveway. When things get old, dirty or need to be redone or replaced, you’ll save money by fixing the smaller roof, buying one furnace instead of two and laying 1,000 square feet of carpet instead of 3,000 square feet.
Downsizing Presents Opportunities
When you move to smaller place, reducing your expenses is just one of the opportunities that will become available to you. The other part depends on what you do with the money that you save. Just saving $500 per month for the next 10 years turns in to $6,000 per year. That’s $60,000 over the course of a decade, even if you just tuck the money under your pillow.
Tax Consequences The other factor to consider is the tax savings that normally comes with a downsize. Moving into a smaller home can also bring a lower tax rate, depending on how long you were in the larger home. Every owner has their own reasons for making a move to a more manageable smaller home. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home and easy access to view local area homes for sale in Davis, California and the surrounding communities.