Are you looking to downsize, but aren’t sure? Here are some factors that might just convince you to take the plunge:
Less space means less clutter and stress: People constantly think they need more square footage to store all of their possessions. But, what if you reverse that mentality, and downsize your “things?” Think of the financial freedom you’ll gain with the elimination of stuff, and the additional space that is required to house all of that stuff.
A smaller home means a smaller mortgage: This isn’t always the case, but generally smaller houses come with much smaller mortgages. As little as a $500 per month mortgage reduction can make a big impact. You could put that extra money towards getting out of debt, or save it up for that dream vacation you’ve always wanted to take.
Downsize to pay off your mortgage: Yes, a smaller home could lead to a smaller mortgage, but you can take this a step further. By taking on a smaller mortgage, you can look at paying off the mortgage entirely, which will alleviate a huge financial burden.
All blog information is of the opinion of the Loan Officer and is not supported by Fairway Independent Mortgage Corporation. *This advertisement does not constitute tax advice. Please consult a tax advisor regarding your specific situation.
