Homeowners have long been convinced that living a as large of space as possible is always better, but the reality is complicated. If you believe the time is right and downsizing makes sense for you and your family, here are some things to think about.
If you share your home with anyone else, make sure they understand the goals and practicalities of downsizing. A little conversation can prevent a lot of fights later. The smaller your house is, the less you may be spending on mortgage payments each month. With less of your income being directed to your home, you’ll be able to pay student loans, car payments and other debt much faster. You’ll also be able to put more of your money into your retirement plan when your mortgage payments are lower.
For more on home downsizing and how to do it right, continue reading below!