Buying a Home,  Downsizing

7 Ways Downsizing Saves Money

Downsizing is hardly a dirty word these days, especially as Baby Boomers begin to question the size of their home, and more Millennials are finally making their way into the world. Home ownership is a good investment at any size, and if you’ve ever wanted to free up some cash for the rest of life’s joys (travel? new hobbies? investing?), downsizing can be a great way to rightsize your budget. Here are seven ways downsizing can foster a little more financial freedom:

1. Utility costs. If your gas and electric bills have been climbing year over year, consider the pleasant surprise of heating and cooling 1,200 sq. ft. instead of 3,500. Controlling the climate in empty spare bedrooms is pointless when you don’t need the room. What’s more, you can count on fewer houseguests with less space, and this, in turn, can decrease utility costs.

2. Maintenance costs. How big is that lawn? How many rooms need to be refreshed with a coat of paint? How many windows do you need to wash, and what about the size of that driveway that must be repaired and sealed?

3. Insurance. Your insurance bill is based in large part on your appraisal, and if your new home is smaller, your insurance bill should shrink as well. (This can vary based on location and levels of coverage, of course, but you would be hard pressed to insure less for more!)

4. Property taxes. Much like insurance, tax rates tend to be based on a percentage of assessed value. Here’s a few more dollars back into your wallet.

5. Repairs. How many toilets do you need to have fixed? Appliances? Light fixtures to keep lit? The smaller home has fewer leaking faucets and a smaller roof to replace. Your overall spend on maintenance goes down when you have less home to maintain.

6. Furniture. Downsizing is a perfect opportunity to sell excess furniture and find keep only those pieces well-loved or essential for your new smaller space.

7. Hosting and entertaining. When you’ve got that sprawling home, your place is ground zero for out-of-town guests, relatives, and holiday parties. As your space shrinks, so does your annual hosting and entertaining budget. Besides, if you really want to throw a shin-dig, you can take some of that downsizing cash and pick a perfect venue.  Looking to downsize and redirect that extra cash? Get in touch! Call me today!

A positive attitude and enthusiastic creativity are two of the driving forces behind Teresa Butler’s real estate practice. Teresa’s passions are people, houses and art. Since 1983 she has been able to combine her passions to help her clients’ real estate dreams come true. Today, as yesterday, she works earnestly to ensure her clients' needs are met and expectations exceeded. Skill, polished by years of experience and knowledge of her hometown is what Teresa brings to her clients. Growing up in Gahanna instilled hometown values her business is built on. She has watched Gahanna, New Albany and Easton build from the ground up. She has seen many trends and changes throughout the years and can share that knowledge to help you make a better buying or selling decision. Teresa’s clients are some of the happiest and most knowledgeable sellers and buyers in Central Ohio. Every transaction is treated with personalized attention to detail. She works diligently to keep them informed through technology with reports, statistics, neighborhood and area information, all to help them make an informed decision. Teresa is a powerful resource you can rely on to reach your real estate goals. Teresa embraces the latest technology to communicate quickly and effectively while still providing good old fashioned service. She understands thoroughly how technology and the internet have changed the way clients achieve goals and success in real estate. She utilizes all the latest digital tools to help you to make fast and informed decisions. Teresa sets herself apart as an award winning photographer to showcase her listings. Teresa has established herself as a pioneer in real estate photography. After all, a picture is worth a thousand words! Twilight photos exclusively through Teresa, will differentiate your home in the marketplace. Let Teresa’s award winning photos help sell your listing! Teresa can also help with your commercial real estate needs. Backed by years of experience through her broker, Ted Oatts, she will meet your commercial goals. Teresa truly cares for you as her client. She is committed to provide exceptional service to you. She takes time to listen to you, dedicating herself to giving you the results you want. Ready to make a move? Talk to Teresa Today!

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