When Less is More: 11 Reasons to Downsize Your House

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In recent years, the concept of small living has taken root in the hearts of many, challenging the age-old notion that bigger is better. Downsizing has become a lifestyle choice that can significantly improve quality of life, well-being, and personal finances. Here are 11 reasons you should consider a downsize too. 

Your Home No Longer Fits Your Needs

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Perhaps the kids are off to college now or you don’t need that big backyard anymore. If you have unused bedrooms and spaces in your home that you still have to clean, maintain, and pay heating and cooling costs, why not look for a smaller space?

You Want to Simplify Your Life

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If you are looking to simplify your life, downsizing your home can be a good way to do it. Your home is often your largest financial asset and the larger the home the more money and time you have to invest in it. Buying a smaller home can lead to more peace of mind, as well as fewer possessions for a simpler life. 

You’ll have Better Resale Value

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Smaller homes tend to be more affordable for most families. This means that if you ever want to sell your home or relocate, more buyers will likely be interested in your smaller home than a large one. 

You’ll Rack up Less Debt

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Most financial advisors recommend spending less than 30% of your net income on your mortgage. By purchasing a smaller more affordable home you may be able to reduce that amount by even more and put that money towards paying off debt, savings, or retirement. 

You Can Have Lower Home Insurance Premiums

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A smaller home will generally be less costly to insure than a larger one because there is less to rebuild. You can use the money you save to make home improvements or save it for a rainy day. 

You want to Spend More Quality Time with Your Family

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In a larger home everyone has more space to spread out but that can come at the expense of not spending time together. A smaller home encourages bonding and family time because you are congregating in the same spaces like the kitchen, living room, or family room. 

You’ll Have Lower Property Taxes

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Square footage and acreage play a factor in how much your property is valued at each year. A smaller home will have a lower property tax bill than a larger one in most instances. This can lead to significant yearly savings for you. 

You’re Ready To Let Go of Clutter

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When you downsize your home you also have to downsize your possessions. Letting go of items that you no longer need or want can be very freeing for your mind. You can also use decluttering as an opportunity to make some extra cash by selling what you no longer need or want. 

You Can Lower Utility Bills

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It’s no secret that energy costs for heating and cooling have been soaring over the past few years, and the larger your home the bigger your cost. A smaller home will cost you significantly less to heat and cool throughout the year. 

You’ll Have Less Maintenance

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Smaller houses are easier to maintain and there are fewer things to break. Even when things need to be fixed or replaced, your roof for example, the cost will be less than it would be for a larger home. 

More Free Time

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Smaller homes require less time to clean and maintain which means you will have more free time on your hands. Use that time to pursue things that matter to you and are passionate about. 

Money Matters: 11 Signs That Your Bank Account Needs A Boost

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Have you ever wondered how you’ll know if you have enough money? Do you already know you don’t have enough money? If you aren’t sure whether you have enough money or not, here are 11 signs you don’t have enough money.

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