Living Paycheck to Paycheck? 4 Reasons to Downsize Your Home
- When Using an Attorney for Probate Saves You Time And Money - July 2, 2020
- 3 Different Approaches for Getting Out of Debt - July 2, 2020
- 5 Ways to Limber up Your Retail Employees Before Each and Every Shift - July 1, 2020
How much house do you really need? That’s an honest question to ask yourself before you even begin to decide on downsizing your living space.
There’s a trade-off here. A smaller living space will give you more financial freedom. Maintaining your existing living space will continue to cause financial distress.
If you’re stuck living paycheck to paycheck, it might be time to downsize your home. In this article, we’ll detail four reasons why downsizing might be the perfect option for you.
Let’s take a look.
Your Children Have Moved Out
For countless years, you’ve made home-buying decisions based on the number of bedrooms and living spaces for your children. You’re now at a place in your life where your children have gone on to college or gotten married. There are rooms where past activity has left.
Why struggle anymore to maintain a mortgage for a five-person home when it’s just you and your spouse? Once the children have been uprooted, it’s time to begin again.
How much space do you actually need to be happy?
You Have Areas to Clean That Never Get Used
How many rooms in your home never get used, yet you spend hours every month dusting and vacuuming them?
This is a sure sign that you’re living in too much house and it’s time to downsize.
You might want to look into real estate companies that buy houses that are too big for you, but might be perfect for a couple that’s just starting out their journey with multiple children in need of more space.
You’re Focused on a Carefree Retirement
Retiring shouldn’t be stressful. You’ve worked your entire life to enjoy some peace. But if you’re house-stuck you’ll still have a tremendous amount of financial stress.
Figure out what you can comfortably afford for a house payment in your retirement years. Then downsize your home based on those projections.
It’s better to live in a home you can comfortably afford than to stress over each monthly payment.
You Want to Leave the Rat Race
If you’re tired of trying to “keep up with the Jones’,” it’s probably time to downsize your house. There’s a reason it’s called the “rat race.” And you’re not a rat.
Consider what’s important to you. If financial security trumps having a large home that neighbors swoon over, then it’s time to downsize your living space. End the paycheck to paycheck game we’ve all been playing. Find a home that suits your emotional and financial needs. Once you settle in, you’ll be glad you did.
Emma Sturgis is a freelance writer based out of Boston, MA. She writes most often on health and education. When not writing, she enjoys reading and watching film noir. Say hi on Twitter @EmmaSturgis2
All content on this site is the property of Taxbot, LLC, The Profit Junkie Podcast, or the author. You may link to any article that you wish, or share via the social media buttons below. However, please do not copy articles or images for use on other sites without express written permission.