Chances are if you are reading this, you have internet or are in a place that has internet access. On top of that, you might have a car or a means of transportation as well as a place to stay and rest. We live in America where there are many ways to make a living as well as accumulate wealth. However, with that wealth typically comes the acquisition of more stuff and more stuff typically turns into "too-much stuff"...which then poses the question, when do I need all this stuff, why is my house so big when I only use a couple rooms and is it a good time to downsize?
Downsizing sounds easy, until you try and figure out where to start and what to look for. Here are a few notable areas in which you should probably start thinking about downsizing if you happen to see these signs:
You are exceeding your monthly housing expenses -
You have little wiggle room each month once your bills are paid -
Difficult maintenance -
Cramping my style -
Live anywhere -
If you have decided that downsizing is the right move for you, then there are a few options you can consider based on your financial situation, ability to move, location and caregiving need. You could purchase a single-family home or condo, find an assisted living facility, move in with a loved one or move into an independent living community. There are many ways to downsize your home and life, especially as the years go by. There are certainly many factors and situations to take into account before you make the move, but most of the time, downsizing really makes life a bit easier especially if you are looking to free up some capital and have a bit more freedom financially.
Down payment requirements, closing costs, and loan amounts are for illustrative purposes only; subject to credit qualification, not all applicants may qualify. Not a commitment to lend. Not affiliated with or endorsed by any government institution. Please contact us for an exact quote and for more information on fees and terms. Equal Housing Lender. This article is for informational purposes only, Arrowhead Capital does not provide tax, health, legal or financial advice and is not a substitute for professional advice from a medical provider, licensed attorney, financial advisor or tax professional.
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Putting things into perspective, when is it good for you to downsize?