The Cost of Downsizing

Dated: October 9 2021

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THE ACTUAL COST OF DOWNSIZING

Before you jump in and decide downsizing is the move for you, consider all the costs involved. 

2) Don't ignore hidden costs

Although you’ll be saving money on your mortgage and utilities by downsizing, that doesn’t mean you can throw financial caution to the wind. When you’re house shopping, make sure that the home you’re considering either doesn’t require extensive repairs or maintenance or at least make sure that you can comfortably afford them. Also, ensure that your new home doesn’t come bundled with expensive property taxes and/or HOA fees that might eat into your savings. And if your downsize is taking you to more expensive markets be sure to factor in the potential increase in the cost of living as well.

3) Don't forget to budget for your move

As you begin to realize how much money you’ll save by downsizing, don’t forget about the costs associated with moving to a new location. While you may be thinking about cutting your costs by doing all the moving yourself, take a moment to consider hiring a moving company. Not only would you have someone to pack, move, and unpack your belongings, but most movers provide insurance, meaning that you’ll be reimbursed should anything break. Since you’re already selling your current home and buying a smaller one, you should also think about downsizing all your belongings as well.

Next, well explore lifestyle needs.

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Terri McQueen

It is my goal to make your selling or buying experience as simple and pleasant as possible. I will guide you through every step of the process, carefully listening to your needs and your goals. I have....

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