Considering downsizing my home to cut costs on utilities would this be worth it?

Viewing 2 reply threads
  • Author
    Posts
    • Nick
      Participant

        I currently live in a sizable house. Nothing huge but certainly not small. It has 4 bedrooms, two of which I don’t even use anymore. I split up with my fiance and she moved out. She made use of the two extra rooms. I intended on having them for children in the future and those plans are not nearly as close anymore. So I am considering downsizing to a smaller, two-bedroom house. I still owe money on this one but I can sell it and likely get a nice profit off it. Would the utilities be noticeably less?

      • Dana
        Participant

          This depends on the area you live in but generally, your costs will come down. Water will likely be about the same but if you downsize, gas and electric will definitely be cheaper. I would say to think about your future. Map out the next 5 years and go from there.

        • Lilian Peterson
          Participant

            While I don’t own a house, if I was able to wait out the market inflation, I would. There is a good chance you might be able to get more money next summer for your house. I mean you might be able to get as much as 30k more depending on what happens and the size of your house. I would wait a bit.

        Viewing 2 reply threads
        • You must be logged in to reply to this topic.

        Join a vibrant community with the sole mission to achieve financial independence.

        The journey to financial freedom doesn't have to be lonely.

        Pitch an idea

        Contribute an article, share a story, join a group, or chat on the discussion board with similar frugal savvy individuals like yourself. Quality over quantity. Always.

        Build great relations

        Build connections, converse, and join the vibrant personal finance community. The journey to financial independence is just around the corner, and it doesn’t have to be lonely.

        Become a FangWallet Insider

        Get free access to becoming a FangWallet Insider, the personal finance community that has your best interest in mind.