Tips on Money Saving: Empty Nesters Downsizing… A huge population of baby boomers is getting ready to retire. In the upcoming months and years, they’ll find themselves looking for tips on money saving. Many struggle to retire due to their financial portfolios not being as strong as they’d like.
Many people lay blame on the government or the economy. However, the fact remains that pointing blame doesn’t lead anyone closer to enjoying retirement.
Many of today’s boomers are sitting on a nest egg… They’ve built up equity with a home they’ve owned for years! And with kids moving out, a reality is that the property simply might be too big for practical use.
Selling the property and moving into more affordable house helps many people more easily overcome financial hurdles.
But the question you might ask yourself is; ‘how does this save me money?’ Thanks for asking! Review this small list of financial benefits of downsizing when planning for retirement.
#1: Save Money on Monthly Utilities
One of the best financial tips on money saving by moving out of a larger home is that monthly utility bills can be significantly reduced. In fact, when most home owners in Texas reduce the square footage of their homes by 500’ or more, their energy bills are reduced by up to 40% each month. Another reason this is possible is that moving into newer and more modern homes increases the opportunity to use Energy Star rated heating and air conditioning units that also can save you a tremendous amount of money on utilities each month.
#2: Save Money on Repairs
Another cost of living in a larger and older home is the constant threat of having major repairs being completed. From replacing roofs, appliances, water heaters, furnaces, HVAC units, carpet, landscaping and other household items, the fact remains that as a home gets older more costly repairs will be needed. By selling the older home and moving into a smaller and newer property, this financial burden can significantly be reduced.
#3: Saving Money on Annual Taxes
When you sell your more expensive home and purchase a smaller and newer property, another huge financial savings are the taxes you’ll pay each year on the property. Taxes are based on property size, financial value of the property and other economic conditions that eventually lead to you paying higher annual taxes each year as property value rises. This number can be reduced considerably. Consider selling your home quickly with a reliable and trustworthy company who buys houses. Big State Home Buyers helps people in similar situations without the hassle of paying fees and waiting long periods of time for the property sale.
One of the best tips on money saving that can be given to anybody looking to retire soon is to cash in your nest egg as soon as possible – and move into better and smaller property that won’t continue to cost you additional fees each month. At that time, you’ll be better prepared to enjoy the retired life.