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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