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Upsize Your Savings by Downsizing Your Home

November 15, 2018 | By Mason Roberts

If you are in over your head with your mortgage and utilities, you may be at the end of the road and need to consider downsizing. You can begin downsizing by moving to a smaller home with a lower mortgage. This, alone, will maximize your savings per month. There are many other factors that also contribute to your savings when you choose to downsize.

While you may not want to part with your furniture or pay for storage, there are actually some real advantages to moving into a smaller place. Here are some ways that you will upsize your savings by downsizing your home.

Less Heat/Air

When you're living in a larger home, a huge expense is trying to keep the temperature comfortable. The larger the house, the more energy is required to heat it in the winter and cool it in the summer. When you move into your new home, you will notice a big decline in the amount of heat/air you are using. This is because the house will get to the desired temperature faster, saving you a nice chunk of change.

Saving on Healthcare

This way of saving is good for both your wallet and your health. You may be thinking, “How does a smaller home save money on healthcare?” Think about it: a larger home typically means more clutter, which tends to bring more dust as well, which is a big deal for allergy sufferers. It's much harder to fully clean every nook and cranny in a large house to get all of the dust. However, when you're living in a smaller home, you'll have fewer knick knacks, which means less dust. This is good for your health because a dusty home tends to bring allergies, colds, and breathing problems. So… a smaller home, essentially, will mean fewer trips to the doctor and less illness, which is a win-win situation!

Sell, Sell, Sell

You may be thinking, “If I downsize my home, where is all of my stuff going to fit?” Well, that is also a huge part of moving into a smaller space; there are going to be many things that won’t make the cut for your new home. For example, if you are moving from a 3-bedroom to a 2-bedroom home, you may be left with an extra furniture set and nowhere to put it. It is not wise to put extra furniture into storage, as this will only add to your monthly cost and expenses. Your best option is to sell it if you don't have anywhere to fit it in your new home.

When starting the moving process, go through everything to decide what goes and what gets tossed or sold. You'll be surprised at how many things you have around the house that you'd forgotten about or don't need anymore. Sell them online and get a nice handful of cash to help with some of the expenses that come along with moving into your new home.

If you find that there are some expenses that are coming along with the move that you simply cannot afford, you may want to look into a title pawn. You can go a quick Google search for, “title pawns near me” to help ease the process of the move without the added stress of moving expenses.