7 Ways Downsizing Saves You Money

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Downsizing is hardly a dirty word these days, especially as Baby Boomers begin to question the size of their home, and more Millennials are finally making their way into the world. Home ownership is a good investment at any size, and if you’ve ever wanted to free up some cash for the rest of life’s joys (travel? new hobbies? investing?), downsizing can be a great way to rightsize your budget. Here are seven ways downsizing can foster a little more financial freedom:

1. Utility costs. If your gas and electric bills have been climbing year over year, consider the pleasant surprise of heating and cooling 1,200 sq. ft. instead of 3,500. Controlling the climate in empty spare bedrooms is pointless when you don’t need the room. What’s more, you can count on fewer houseguests with less space, and this, in turn, can decrease utility costs.

2. Maintenance costs. How big is that lawn? How many rooms need to be refreshed with a coat of paint? How many windows do you need to wash, and what about the size of that driveway that must be repaired and sealed?

3. Insurance. Your insurance bill is based in large part on your appraisal, and if your new home is smaller, your insurance bill should shrink as well. (This can vary based on location and levels of coverage, of course, but you would be hard pressed to insure less for more!)

4. Property taxes. Much like insurance, tax rates tend to be based on a percentage of assessed value. Here’s a few more dollars back into your wallet.

5. Repairs. How many toilets do you need to have fixed? Appliances? Light fixtures to keep lit? The smaller home has fewer leaking faucets and a smaller roof to replace. Your overall spend on maintenance goes down when you have less home to maintain.

6. Furniture. Downsizing is a perfect opportunity to sell excess furniture and find keep only those pieces well-loved or essential for your new smaller space.

7. Hosting and entertaining. When you’ve got that spra

wling home, your place is ground zero for out-of-town guests, relatives, and holiday parties. As your space shrinks, so does your annual hosting and entertaining budget. Besides, if you really want to throw a shin-dig, you can take some of that downsizing cash and pick a perfect venue.

Looking to downsize and redirect that extra cash? Get in touch: Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

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Stay Cool & Save Money

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Heat waves can take a major bite out of your monthly budget. If you’re looking for ways to take some of the teeth out of your power bill, here are some ways to stay cool and save money this summer:

Thermostat Ping Pong: Set reminders to up your thermostat when you’re not going to be home or when you’re sleeping. Bumping up the temperature a few degrees can add up significantly over the course of a month.

Get Out of Dodge: Do you work from home? Take that laptop on the road. Turn up the temperature at home and find cool libraries, cafes, or other public spaces.

Shade the A/C: Providing shade for your A/C unit can drive up the unit’s efficiency by 10%. While trees and shrubs can shade your house and absorb heat, the same is true for the equipment keeping you cool!

Screen that Sun: Install solar screens on your windows to block around 70 percent of the solar energy streaming into your house.

Invoke the “No Stove” Rule: Hot summer months are the perfect time to turn to salads and cooler foods. Keep the stove off and use the microwave for heating. No baking, no frying, no broiling! The excess heat will drive up the temps inside.

Maintain the A/C: When was the last time you changed the filter? Is the unit draining correctly? Drive the efficiency to lower expenses.

Slow Down Your A/C Fan: When it’s humid, slow down the speed of the A/C’s fan. This will allow the A/C to remove more of the moisture from the air before speeding it along.

Of course, a great way to lower expenses is to downsize if you don’t need the space. If you’re looking for a new place, we I’d be glad to help you with the search (and the sale of your current home!):

Kevin and Jennifer Hanley, REALTORS – http://www.HanleyHomeTeam.com or http://www.HanleyShortSales.com – 904-422-7626