When money is tight and people look to cut their costs, the most appealing ways to save are usually the ones that can be done most easily. People will forgo expensive restaurants, stop making trips to the mall, and cancel their premium television subscription. All these approaches can certainly amount to considerable and worthwhile savings.
But when the need to save money and cut expenses is truly pressing, it sometimes becomes necessary to take more substantial and drastic measures. Among these measures is the option to downsize your home. While putting your house on the market, packing up all your things, and moving somewhere new can make for a difficult process, the savings you get from downsizing will continue to pay dividends long after the move is over. These savings go far beyond the difference in values of a larger home versus a smaller one. Here are some of those savings that anyone is this position should keep in mind:
A chance to start over on the financing front.
A new home brings with it a new mortgage, and your past record of ownership may help you secure a more favorable rate. On the other hand, if you currently own your home you may want to consult an online home calculator to determine whether it