Downsize Your Home and Save Thousands

Your kids have moved out, you're left with an empty nest, a lot of space and an electric bill to prove it.
This may be the time to think about downsizing.
The housing market has been pretty tough over the past few years, but you may want to look into selling your home.
Your house may be worth more than you think.
It's possible to cut your expenses in half by moving into a condo or townhouse.
Even if you are experiencing a down real estate market in your area, you have to remember that all of the homes have decreased relative to one another.
Here are a few things to consider 1.
Empty House - if you are living in a home with a lot of empty space and you need an extra few hundred a month, downsizing might be right for you.
In a smaller home you could save money on your electric bills, homeowners insurance and much more.
2.
Utilities - the electric bill on a four bedroom house is very different then the electric bill on a two bedroom condo.
You could save hundreds of dollars on this bill alone.
3.
Mortgage - If you have a mortgage this might be a great way for you to save money.
If you buy a condo you might be able to purchase the condo free and clear, and live without a mortgage.
If you have a mortgage on a condo it will definitely be smaller than the one on a house.
Either way you will save money.
4.
Assisted Living -if you are a senior citizen, there are a lot of benefits to moving into an assisted living facility.
You could save money on cleaning, food, transportation and other everyday costs that you may take for granted.
5.
Taxes - this is a great way to save money on taxes.
Real estate taxes are based on the value of the property, therefore if you downsize to a less expensive property, the taxes will be much lower.
6.
Less House Work - if you have a cleaning service you will save money by living in a smaller home.
If you do the cleaning yourself you will save yourself a lot of time, effort and money spent on supplies.
7.
Association Fees - before you buy that condo or townhouse make sure you have factored in the association fees.
Some association fees are very high, but you should be able to find association fees that are within your budget.
Remember downsizing is about saving money.
Also, it's important to review the association's budget and current financial standing to make sure they will not be facing an assessment any time in the near future.
8.
Transportation-it may be time to think about selling your car.
You will save a lot of money on auto insurance, gas, maintenance and possibly monthly payments.
This proves especially useful if you were previously a two car household.
There are a number of benefits to downsizing.
Consider how much you could save on your monthly bills.
You could spend that extra money on vacations to Europe, fine dining in your own backyard or any other activity that you have always dreamed of doing.