Personal Finance
Is It Time for Your Parents Downsize Their Home?
By ValueChampion  •  March 12, 2020

As our parents get older, it can be harder for them to keep up with the chores and maintenance of their home. If they are living alone they may not even need a home as big as their current one. Still, many individuals are fiercely protective of their independence and will bristle at the idea of leaving their home. Therefore, choosing to downsize, or "right-size", is a highly personal decision, and each homeowner will have a slightly different perspective. In the sections below, we examine the benefits and drawbacks to downsizing, as well as key financial factors associated with this decision.

How Much Could Homeowners Save By Downsizing?

With any financial decision, it is important to consider the costs and benefits. There are several benefits associated with right-sizing. First, homeowners will benefit from the sale of their home. Of course, the proceeds from selling one's home are reduced by

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By ValueChampion
We distill sprawling marketplaces—for insurance, credit cards, bank accounts, and more—down to choices that represent a sweet spot for value—as in offering the features, returns, or experience we think you need for the smallest outlay. We ask: Is the return on a particular purchase or decision worth the cost or risk of that option, and how does the choice stack up against other options?
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