For years, the prevailing wisdom in America is that bigger is better. We’ve all heard it but lately, many folks are rethinking the notion. For instance, the data shows that the size of a single-family home has increased to more than 2,500 square feet. That’s two and a half times as big as what it was immediately after World War II!
Financial Benefits of Downsizing
- Lowering your mortgage
The smaller your house is, the less you may be spending on mortgage payments each month.
- Slashing your debt
With less of your income being directed to your home, you’ll be able to pay student loans, car payments and other debt much faster.
- Boosting your retirement
You’ll also be able to put more of your money into your retirement plan when your mortgage payments are lower.
- Eliminating your mortgage
Buying a smaller home could mean that you can say goodbye to a mortgage altogether. This is especially true if you’re able to buy your new home with the money you made selling your old one.
For more on this, check out our guide below!