Could You Benefit Financially From Downsizing Your Home?

The trend for American housing in the past has been bigger is better – meaning that there are now 9.4% more bedrooms in the U.S. than there are people. This is a staggering 33.6 million spare bedrooms! While it is possible to utilize the extra space in your home to make money, downsizing could be a better life choice for you.

Is it time to downsize?

Is your home feeling empty since your children grew up and flew the nest? Do you feel that you have whole sections of your home that are not used at all? Is the upkeep of your home becoming harder to manage physically or financially? Whatever your reason is for downsizing, it’s possible to find yourself living in a comfortable home with more money in your pocket. The goal with downsizing is to maintain the lifestyle that you desire whilst spending less on accommodation – therefore freeing you up financially.

Do you want an apartment?

If you are considering downsizing, moving to an apartment is an option for you. Many cities throughout the U.S. have luxury apartment apartment blocks that offer amenities like laundry rooms, air conditioning or even a pool or fitness center. Apartment blocks in the city  enable you to enjoy city life in a convenient location while also living safely and securely. There is the added benefit with many apartments being managed – this means if something breaks you don’t have to worry about the financial expense of fixing it yourself.

Time for a tiny house?

If you want to try something different, moving to a tiny house might be a viable downsizing option for you. Tiny houses can also be constructed on wheels, giving you the flexibility to move it around if you aren’t happy with the neighbors or area. The tiny house concept focuses on living in a smaller space and going the minimalist route – purchases need to be carefully considered and items should ideally be multi-purpose. If you are living in a smaller space, there is less space to store belongings. It also means having reduced living costs on essentials such as heating.

Downsizing can be a big emotional decision but doesn’t have to mean giving up the things you love. It can also be a freeing exercise, opening your life to new life experiences. Whichever option you take, the process of reducing your living space will benefit you financially.

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