Home Movers and Packers Service
Moving into a smaller space can make a lot of sense. Usually, you’ll save money, experience less stress in your life and reduce your carbon footprint by downsizing. It can also signal a new chapter in your life. But downsizing isn’t without its downsides. For starters, it’s a lot of work to move. Not to mention, downsizing doesn’t always save you as much money as you think it will.
We’ve compiled a list of pros and cons to help you decide if downsizing into a smaller space is the right move for you.
Pros of downsizing
Most people who downsize do so to save money, but it’s far from the only reason to consider moving into a smaller space. Here are some obvious—and not so obvious—benefits of downsizing.
No mortgage
Smaller homes theoretically cost less than larger ones. So, if you have a good amount of equity in your current home, you may walk away with enough money from its sale to pay cash in full for a smaller home. Paying in full gives you a couple of advantages, both short term and long term. First, you’ll have lower closing costs since you won’t need a mortgage, which comes with origination and lender fees. Additionally, you’ll close faster without a mortgage, and you won’t have to deal with all the paperwork that comes with it. Plus, once you’re in your new home, you won’t have a monthly mortgage payment.
