Thursday, May 23, 2019

Why Downsizing Might be the Best Way to Improve Your Financial Situation.

December 16, 2016 by  
Filed under Business, Money, Opinion, Weekly Columns

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(ThySistas.comIf you need to get your hands on some more money, there are lots of options to consider. It’s not always easy to free up large sums of money when you’re short, though. One of the best things you can do to change the situation is downsize your home. Of course, it’s not something that will work out for everyone. But for certain people in certain situations, it can be the ideal way to improve their financial situation. Here’s why.

It Frees Up Money

To put it simply, downsizing frees up your money. That’s because you are moving into a property that is smaller, and therefore more affordable, than your current home. You will sell your home for less than it will cost for you to buy your new one. That money can then be used for whatever you need to use it for. If you live in a home that is very valuable, you could easily move into one that is smaller, less valuable, but still meets your needs. It’s definitely something to consider if you need to free up some money and improve your financial situation.smallhouse-blackcouple

Your Home is Probably the Most Valuable Asset You Have

For most people, the most valuable thing they own is their home. Therefore, it makes sense to sell it and buy somewhere slightly cheaper when you need to access some money. It’s not like you have many other things that are worth so much money. You can ensure you get as much as you can for the home by finding and using the services of a real estate agency. They will have the skills and experience to unlock the full value of your home, which is exactly what you need.

You Might Not Need as Much Space as You Get Older

Lots of homeowners choose to downsize when they get older, and their kids move out. This is when you no longer need lots of space in your home. If there are only two of you living there, there is no need for you to have five bedrooms, for example. Therefore, moving out and finding somewhere smaller starts to sound like a very attractive prospect. You can find a property that is more suitable, and get your hands on the money. Many people do this as they are entering retirement. They can then use the extra money left over from the sale to go traveling or do something fun.

Moving to a Cheaper Location is an Alternative to Downsizing

If you don’t want to move into a smaller place, there are other alternatives out there. For example, you could move to a different location that is a little cheaper. This would allow you to retain the space that you currently have, while still freeing up some cash that can be spent how you like. If you currently live in a desirable location, your home might be worth more now than it was when you originally bought it. Have a look at the market and find out for yourself.

Staff Writer; Susan Young

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