Looking to save a little more? Downsize to cut housing costs

Looking to save a little more? Downsize to cut housing costs

(CNN) - Looking to cut your housing costs, or dealing with an empty nest?

You may want to consider downsizing your home or what some financial pros call “rightsizing.”

USA TODAY recently ran through the benefits of moving to a smaller house.

If you’ve owned your home for a decade or more, there’s a good chance you could sell it for a profit.

That could allow you to buy a smaller home, either in cash, or with a big down payment that would keep your monthly mortgage low.

The proceeds from a sale could also be used to pay off other debt such as credit cards and auto loans.

If you end up with smaller monthly payments, it could free up cash to fund everyday living expenses or even invest in your retirement.

Downsizing can also offer you the opportunity to establish a new lifestyle.

If you have grown children, it may offer the opportunity to move closer to them.

And downsizing could give you the chance to move to a new area of the country.

It may be the way for you to get a change of climate, scenery and lifestyle.

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