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4 Big Benefits of Downsizing Your Home

Thinking about downsizing your home?

Many pre-retirees and retirees transition to a smaller space after their children move out, but that's not the only reason to downsize. Maybe you're looking for a home that's easier to maintain, or you want to relocate to a different city. Whatever the reason, downsizing offers big benefits, including some you might not expect.

Here are four great reasons to move to a smaller home:

Save on home costs

The first, most obvious benefit of downsizing is saving money on living expenses. Usually, a smaller home has a lower down payment and a smaller monthly mortgage payment. With the money you save by downsizing, you could boost your retirement savings and reach your financial goals faster.

Scale back on home upkeep

Moving to a smaller space can dramatically reduce the time, energy and effort you spend on household chores. With fewer rooms to clean and less yard work on your to-do list, you'll have more hours in the day to do what you truly enjoy.

Reduce monthly energy bills

A bigger home means spending more energy and money to heat and cool the space. If you don't use all the rooms in your home, consider relocating somewhere with less square footage. It can be better for your wallet and the environment!

Enjoy the ease of simpler living

The less “stuff" you have, the less space you'll need to store it. If you want to transition to a simpler, low-maintenance lifestyle, decluttering and downsizing is the best place to start. Many people find that living with less frees up more time and money for travel, hobbies and spending time with friends and family.

Ready to downsize?

Downsizing is an exciting life change, and with careful planning, it can help you achieve greater financial flexibility and freedom! When you're ready to transition to your next home, Wright-Patt Credit Union is here to help you with the entire home buying process. Meet with one of our friendly, knowledgeable mortgage loan originators or browse our mortgage resources for more helpful home buying tips and tools.