5 reasons why you should downsize your house and save money - pay off debt & retire early

Discussion in 'Frugal Tips For The Home' started by admin, Nov 3, 2015.

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  1. admin

    admin Administrator Staff Member

    Admin Post
    Should I downsize my house? Should I sell my house or rent it? Should I downsize my house for retirement? Should I downsize my house and pay my debt off? These are some of the questions homeowners ask when they have more space than they need. If you live in a property and want to save some money or make some money then downsizing is something that you should definitely consider to supplement your income.

    How to downsize your home and benefit

    If you live in a property that has more space than you need then you are wasting money paying for the extra space. If you live in a 3 bedroom house and only occupy 1 bedroom then what’s the point of having two extra rooms that you have no intention of filling in the future?

    If you are paying £1000 per month in mortgage payments or rent for a 3 bedroom house then you could move to a one bedroom flat for £400 per month mortgage or rent, you would save £600 per month which you could save in your bank and make some profit from. In a year you could save £7200! It all adds up.



    Can I Downsize My House and Make Lots of Money?

    If you own your property outright and want to generate some extra income then downsizing is a great option you could have. Again if you live in a 3 bedroom flat and only need 1 bedroom then you are wasting an opportunity!

    If you rent a 1 bedroom flat for £400 then you could rent your 3 bedroom house for £1000, this means you could generate a profit of £600 per month which would be £7200 per year. If you can do this for the next 20 years then you could probably buy another property outright without the need for a mortgage!

    Can I Downsize My House & Pay off Your Debt

    If you have debt and have more space than you need then you need to be smart and downsize. Whether you’re renting or have a mortgage downsizing is the key to getting rid of your debt fast! If you can generate £600 per month using the above strategies then in a year you could pay off £7200 worth of debt, bearing in mind most debt have interest the faster you can pay this off the better it will be. Debt can really stop you in your tracks with your life and becoming financially secure. Is it really worth having extra space when you have a mountain of debt?

    Can I Downsize My House & Retire?

    This may sound crazy but some people could probably downsize their property and retire! If you are fed up with your job and own a property outright then you have a golden opportunity to retire and do something you really want to do with your life. First thing you have to do is drastically cut your expenses until you get to a level that is covered by the rent you receive from your property.

    If you have a 3 bedroom house and rent it out you can expect to receive £1500, if you can stay in a caravan then you could have a monthly income of £1500, if you only spend £500 on expenses then you could even save another £1000 on top, after a year you could end up with £12,000 in savings. Even if you rent a 1 bedroom flat you could still have all your expenses covered and retire quite comfortably.

    Can I Downsize My House and Go Abroad on a Permanent Holiday?

    If you want to take downsizing to an extreme level then why not rent out your property and generate income and live abroad. If you can achieve £1500 per month in rent from your property and have little or no outstanding mortgage then you could go on a permanent holiday to Bali where the cost of living is approximately 10 times less than in the UK. If you can live abroad for about £200 per month then you can really live the dream and save money in the process.

    Can I Downsize and do all of the above? Yes you can! Should I buy a house or condo abroad?

    If you have more room than you need then downsize, let’s say you £600 per month use this money to pay off all your debt; then use this money to pay off the remaining mortgage. Once everything is paid off start saving for an emergency fund, after you have about £10,000 in savings you can leave your job and retire and jet off to somewhere like Bali or Bangladesh where the cost of living is really low! You could live like a king!
  2. baby girl

    baby girl Specialist

    We are downsizing our house which has three floors. We have our stuff and my mother-in-law stuff too. She passed away but I'm going to get rid of a lot of stuff. But everything is going so fast that we don't have time to buy so we are going to rent for awhile until we can get everything going in the right direction. I just keep praying that everything will get together and I start making money from my business.
    Last edited by a moderator: Jan 25, 2017
    admin likes this.
  3. admin

    admin Administrator Staff Member

    Admin Post
    It's a great feeling when we downsize because we feel freer from the needless responsibility to put on our shoulders. When I get rid of a lot of stuff I normally take a picture if it has sentimental value and then check it in the bin. I wish you all the best in your business and hope you get things together.

    All the best.

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