The short answer to the title question is YES—especially if you are considering retirement, or your kids have grown up and moved out. However, downsizing your home is a big decision—one that takes more than an article to persuade you that the decision is a good one. But the following article is here to give you a few reasons why downsizing your home would, ultimately, be a smart financial move.
You Can Move Around, Travel, and Think of Long-Term Bucket List Goals
Everyone has a bucket list. You know, a mental list of the things they want to do, the places they want to go, and the sites they want to see before they kick…well, the bucket. Downsizing your home allows you to save cash that you would normally spend on the upkeep of a bigger house. Ergo, you can use that saved cash to move around, travel, and cross off those long-term bucket list goals.
Save Cash for Something More Important
When you downsize your home, you might not do it for the money. But you might do it to save space, or simply have a change of scenery in somewhere better suited for you at this time in your life. Whatever the case, you STILL save money when you downsize. And this money could be used for more important things, like a new car, or home renovations that would make your new place perfect in your eyes. You could even contact home builders in St. Augustine FL to construct a smaller, better house to suit your needs after a downsize.
Improve Your Overall Financial Situations
With a better cash flow comes a better financial situation, as long as you live within your means. Downsizing your home is an excellent method for improving and controlling your current cash flow, allowing you to finally get ahead of your financial obligations. You could pay off debts, improve your credit, and get in the green with a positive bank account balance.
Downsizing your home is a smart financial decision because it gives you more control over your financial situation. You have less bills, a smaller, comfortable home, and plenty of things that you could save your newfound cash for.