Is it time to downsize? Will a smaller space work for you? Can cutting your square footage in half have a positive effect on your lifestyle? Your carbon footprint? Your bank account?
In most cases, the answer to the latter one is yes. Sizing down will almost always mean saving money on housing expenses. Whether you reduce your environmental impact depends a lot on whether you'll be driving more or less at your new digs, but in terms of electricity use, less square footage will almost always mean less power.
Lifestyle is perhaps the biggest wild card in the equation, and depends entirely on your personal wants, needs and any changes you hope to institute. Certainly, downsizing from the suburbs to the city, a common move, can have a profound impact on how you live. Whether that's a good thing or a bad thing is entirely up to you.
For more information on downsizing, real estate and related topics, look over the links below.
- How NACA Works
- How Buying a House Works
- How Mortgages Work
- How Subprime Mortgages Work
- How Credit Reports Work
- How Credit Scores Work
- How Home Equity Loans Work
- How Selling a House Works
- How to Buy a Car
- How House Construction Works
- How Rent To Own Homes Work
- How Housing Cooperatives Work
- How Real Estate Investment Clubs Work
More Great Links
- A Guide to Home Downsizing. Financial Web.http://www.finweb.com/real-estate/a-guide-to-home-downsizing.html
- Leech, Eric. "Downsizing Your Home: How Much Space Do You Really Need?" TreeHugger. May 31, 2009.http://www.treehugger.com/files/2009/05/downsizing-your-home-how-much-space-do-you-really-need.php
- Smith, Lisa. "Downsize Your Home to Downsize Expenses." Forbes: Investopedia.http://www.investopedia.com/articles/pf/07/downsize.asp
- Williams, Geoff and Annalisa Burgos. "House Match: Downsizing to the Right Fit." HGTV FrontDoor. Oct. 13, 2009.http://www.frontdoor.com/Buy/House-Match-Downsizing-to-the-Right-Fit/55318
Most homeowners insurance won't cover your home if you're renting it via sites like Airbnb. HowStuffWorks looks at insurance policies that will.