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Should You Downsize Your Home?

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As you near retirement age, you may well have serious concerns about your financial situation. You have worked hard to obtain financial security, but the cost of living keeps increasing, and your retirement fund may not be as substantial as you had hoped. Downsizing from your current home into a smaller, more affordable space can be a solution to your problems and actually add to the quality of your life.

Financial Benefits

Moving into a smaller house can put a significant amount of money into your pocket. By choosing to live with less square footage, you can save on your monthly mortgage payments. In addition, you will be putting less toward other expenses, including home insurance, property taxes, maintenance costs, and utility costs. You can also use the money you made from the sale of your first home to add to your financial security, or you can use it to pursue some long-held dreams, including travel or the pursuit of other interests.

Time Savings

Another excellent advantage of downsizing is the time you save in maintaining your home. Fewer rooms mean a great reduction in cleaning time. You can look forward to less dusting, mopping, scrubbing, and polishing. Your outdoor work should also be much less. A large yard means hours and hours of mowing and clipping. A small house with a modest yard will leave you with time to do the things you enjoy.

Fewer Possessions

When you downsize, you can take the opportunity to get rid of the things you no longer use. For many people, having fewer items to protect and maintain can actually improve their mental health. In addition, you will be less likely to purchase new items since storage space will be limited. For many people, less means more life satisfaction.

Even after getting rid of excess possessions, you may still need more storage. If you want to downsize but have some "must keep" possessions that won't fit into your new home, you can invest in a storage unit at a place like I-70 Self Storage. These units are quite affordable, and you can choose a climate-controlled unit that will protect your prized antiques and important papers from the damaging effects of high humidity. That way, you can still keep your furniture or other items that you want to pass on to future generations without cluttering your new house. This option is much more economical than staying in a large home that you really do not need simply to house your things.

Downsizing from your larger family home into a smaller house as you near retirement has many advantages. You can save a significant amount of money while simplifying your life. You can have a less stressful, more enjoyable life when you move to a smaller house.