Whether you are trying to cut costs, simplify life or you just don’t need the space after your children are gone, it can be invigorating to downsize to a smaller home in a community that offers the amenities that you want to enjoy life.
Downsizing usually affords you to buy in a more desirable area to live with amenities such as affordable golfing, swimming, a fitness center, walking trails, nearby tennis, a natural environment, nearby shopping, dining and entertainment.
Downsizing usually lowers monthly expenses. . . a lower mortgage payment, lower property taxes and insurance, as well as lower utility costs. Of course each situation is different. If you are selling your home and purchasing a home of lower value you should contact your CPA or financial advisor to see if downsizing is best for you.