can afford it, selling your larger home and moving into a smaller one could allow you to finally retire in peace and comfort.
2. Lower Bills
Downsizing also presents another money-saving opportunity: lower (often significantly lower) energy or utility bills! Who doesn’t want to save on bills? Choosing to live in a smaller dwelling space can reduce housing costs. Think about it: It costs significantly less to heat and cool a smaller home. Smaller homes also typically have less wasted space. Less square footage decreases the amount of overall energy expended. Something else you might not have considered are the potential tax benefits and savings that you could be eligible for, if you’re over a certain age. This will, of course, depend on not only your age but also your location, as there are different rules and requirements and benefits in each state. Before you sell your home, ask your real estate agent to help you do some research about the different tax-saving options available to you in your state. And don’t forget about the impact on the environment. Moving into a smaller home reduces energy, which is better for the environment and helps to keep your home “green,” reducing your carbon footprint.
3. Reduced Consumption
It’s a fact: The more space you have, the more likely you will feel the need to fill that space with something. If you’re an empty nester, it may be tempting to fill the extra space in your big house with stuff, even though you likely have more than enough of it.
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