Whenever you downsize, you are able to most likely save on particular expenses, such as:
Utility bills – Particularly in the event you presently reside inside a large old drafty home. Runzheimer International, a management consulting firm, estimates a $1,300 annual savings in utility expenses by downsizing from two,800 to 1,800 square feet. (Around the flip side, in the event you strategy to move someplace a lot warmer, your air conditioning bill could zoom.)
Upkeep expenses – If you're moving from a sizable (and older) house on a large chunk of land to a much more modest footprint inside a townhouse or condo, you will reduce down drastically on yard function and snow removal, for instance.
Home taxes – verify to create certain. If you're in retirement mode and contemplating a move to a brand new county or state, ask if there's a home tax exemption or deductions for senior citizens.