Downsizing

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What are the Benefits of Downsizing?

  • Financial Benefits – Depending on where your new, smaller property is located, downsizing can dramatically reduce your mortgage costs. Smaller homes also cost less to run, freeing up cash flow.
     
  • Savings – By saving money on mortgage payments and running costs, you can significantly increase your retirement savings, giving you a larger nest egg when the time comes to retire.
     
  • Travel – Downsizing will give you more financial freedom, allowing you to travel more often.  Downsizing will provide you with a modest home base to return to in between trips, with less home maintenance than before.
     
  • Cheaper Utilities – A smaller home will use less electricity, gas, heating and cooling.  This will save you dollars that you can use for fun activities.
 
  • Freedom – By downsizing you’ll give yourself more freedom and flexibility to revisit the activities and hobbies that may have been sacrificed when you were busy looking after a larger house, garden and your children.
 
  • Lower Maintenance Costs – If you’re looking for a really low-maintenance home, an apartment or townhouse could be ideal.
     
  • Peace of Mind - Less clutter and less debt will lead to a clearer state of mind and give you the opportunity to enjoy a simplified home and lifestyle.
Downsizing offers considerable benefits, and should be considered. Your local First National Real Estate agent can provide further downsizing guidance and advice.
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