Happy New Year to all of my readers! I hope you had an amazing holiday season and you rang in the New Year with the ones you love.
Now that the holidays are over and we are into 2016, we are all seeking money saving tips and tricks.
Your kids have moved out, you don’t entertain as many people these days, and you have a small pet now – instead of one that needs a large back yard. Retirement is on the horizon and you are getting excited to be able to travel the World.
Downsizing your home can save you money this year, especially if you don’t need the space you once did.
Here are 5 Ways Downsizing Your Home Can Save You Money in 2016:
Save money on taxes
A simple common sense approach to saving money on taxes is to move to a lower property tax location and/or buy a smaller, more inexpensive home.
When downsizing your home, note that the location and the size of your home work together to calculate the property taxes. It is not necessarily true that a smaller home results in cheaper property taxes. Location is a huge factor.
Example: Currently, the city of Oshawa has higher property taxes than the city of Toronto. Learn more here.
Pay less for utilities
Downsizing your home can save you money by lowering your utility costs.
Size does matter. The less space you have, the less you need to heat or cool the area.
Lower maintenance costs
The larger your home is, the more opportunities there are for problems to arise that you may not notice.
Keeping tabs on a smaller home is easier. You will notice cracks and foundation issues, paint peeling, and water damage quicker and the costs of repair will ultimately be less expensive due to the smaller volume.
Move closer to where you spend most of your time
Selling your home can give you the chance to move closer to work, move closer to your family and friends, or move closer to the areas in which you spend most of your time.
Cutting your daily commute will save you a ton of money outside of your house costs. Gas is continuously rising and that is something we should all be aware of. Find the cheapest gas prices in your area here.
Reduce or eliminate your mortgage
If you sell your larger, more expensive home and downsize to a less inexpensive home, you will immediately have saved money.
If you don’t save money initially due to travel, debt, etc… your mortgage will be lower on your new home which you will pay off sooner down the road.
Visit Canada Mortgage to calculate your new mortgage rate!
For even more reasons to downsize, ask a professional if it’s right for you at this time in your life. You may be surprised at the information you receive.
Did you miss my last post?
Read ‘6 Ways to Reduce Your Energy Bill This Winter‘ here!