With a culture continuously encouraging buying big, and accumulating more, we typically view homeownership as a process of “upsizing.”
However, too much house isn’t always a good thing. Here are several reasons to downsize:
Retirement: Those looking to get the most out of their retirement often downsize. Reduced taxes, insurance and mortgage payment means that there is more money to spend elsewhere.
Empty house: Why pay for space that no one uses? It takes money to air condition/heat the extra space, and you’ll pay more in property taxes.
Financial Freedom: A large monthly mortgage often ties people down. Downsizing can free up income that can be allocated elsewhere, and it can mean less debt, less risk, and ultimately less stress.
More time: Less house means more time for you. It means less time spent cleaning, less time spent on yard work, less time spent on house maintenance, etc.
Mental freedom: A desire to be less materialistic can lead to the decision to downsize. No extra space to store “stuff” means less needless spending, and less clutter.
All blog information is of the opinion of the Loan Officer and is not supported by Fairway Independent Mortgage Corporation
