{"id":5236,"date":"2016-05-02T12:39:02","date_gmt":"2016-05-02T12:39:02","guid":{"rendered":"https:\/\/www.movoto.com\/foundation\/?p=5236"},"modified":"2016-05-02T12:39:02","modified_gmt":"2016-05-02T12:39:02","slug":"how-to-downsize-your-home-to-save-money","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/how-to-downsize-your-home-to-save-money\/","title":{"rendered":"How to Downsize Your Home to Save Money"},"content":{"rendered":"

Ever since the Great Recession of 2009, when Americans watched\u00a0the bottom drop out of the global economy, people have been looking for ways to simplify their lives. Tiny houses, the farm-to-table movement, and bestsellers\u00a0on how to downsize and\u00a0organize everything from garages\u00a0to\u00a0investment portfolios\u00a0are an\u00a0expression\u00a0of the\u00a0collective\u00a0wish to become less dependent on consumer culture.<\/p>\n

Moving into a smaller\u00a0or less expensive\u00a0home is the single best step you can take toward\u00a0achieving\u00a0this goal. A\u00a0smaller house or less expensive house\u00a0allows you to realize\u00a0savings both on the\u00a0initial amount you put down\u00a0and the subsequent\u00a0mortgage payments. In some cases, you may have accrued enough equity in your current home\u00a0to purchase the new\u00a0property\u00a0with cash.<\/p>\n

The savings don’t stop there, though. Smaller homes\u00a0cost less to heat and cool,\u00a0require fewer\u00a0furnishings, and\u00a0take less time and energy to maintain. A home in a less affluent part of the country will cost you a fraction of what you are used to paying for goods and\u00a0services. Moving from the frigid North down to the Sunbelt can help you save thousands each year in energy costs.<\/p>\n

It’s a big step. Changing where you live often\u00a0requires you to change your attitude toward life, and that’s not something everyone is prepared to do. If you’re committed to the process, though, read on through the\u00a0following tips to get some inspiration and direction for the\u00a0journey forward.<\/p>\n

Why Should You Consider Downsizing?<\/h2>\n

\"how<\/p>\n

On average, Americans spend on about a third of their income on housing. This figure remains constant\u00a0even in the over-50 demographic. According to the AARP foundation, older people not only\u00a0skimp on necessities like food<\/a>\u00a0in order to make housing payments but also\u00a0end up living in homes that are not adequate to meet their changing needs.<\/p>\n

Downsizing to a less expensive home\u00a0early\u00a0in life\u00a0allows you to save more of your money for retirement and other expenses, while\u00a0downsizing\u00a0to a\u00a0home that is specifically designed for seniors early on in retirement can help you adjust to and grow into the new environment while freeing up money you can spend on quality of life purchases such as food and travel.<\/p>\n

There are other reasons to consider downsizing as well:<\/p>\n