Cost of living increases, the global financial crisis, retirement and empty nests are some of the reasons people are asking themselves if now is the right time to downsize to a lower priced home. The strategy being to sell the current home and buy something considerably cheaper, thereby unlocking the money in the home and creating a more comfortable balance between expenses and income.
This strategy works if the home you purchase is considerably less. Something to be aware of is the demand today for these low to mid-range properties is increasing with more people looking to downsize or new home-buyers getting into the market. This demand has driven up some of the prices thereby reducing the profit margin for many people whose goal it is to reduce debt and free up money. Downsizing can be a good strategy and if done properly, it can be a huge benefit to the homeowner. Just remember to take your time, don't feel pressured to buy or sell and make sure you have a realistic understanding of the costs you will incur when selling and buying which will dip into the profits made from the sale of your home.
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