How Downsizing Your Home Can Upsize Your Savings
You’ve probably heard about the benefits of decluttering, seen tiny home shows, or read about minimalist living. But did you know that downsizing your home can actually upsize your savings?
Moving into a smaller home means lower bills, fewer financial obligations, and more freedom to enjoy life. But transitioning to a smaller space comes with upfront costs, from moving expenses to security deposits or even unexpected repairs.
That’s where a title loan can help. If you own a vehicle, a car title loan can provide the fast cash you need to make the move stress-free.
3 Financial Benefits of Downsizing Your Home
1. Smaller Mortgage or Rent Payment
What’s the best way to minimize the size of your monthly bills? By decreasing the overhead of your mortgage or rent, which can sometimes be in the range of several hundred or thousand dollars in savings each month. With that tradeoff, do you really think you’ll miss all that space that’s just storing stuff you don’t perhaps need?
2. Lower Property Taxes
It could easily be said that, in the history of man, no one has ever loved paying taxes or has passed up the opportunity to pay less in taxes. When you minimize the size of your home, you inevitably minimize the amount of your property taxes.
Of course, you should do the proper research to make sure this potential savings holds true; homes in some areas might cost more, even if you do have a smaller home.
3. Cheaper Utility Bills
Large homes usually mean large utility bills. One of the ways to pay cheaper utility bills is by downsizing your home. Downsizing means moving to a smaller and more energy-efficient house or apartment. By doing so, you can reduce your electricity, gas, water, and heating costs, as well as your carbon footprint.
Other Benefits to Downsizing
Sometimes, money isn’t the only reason to downsize your living situation. Countless studies have shown that by living in a smaller home, can help you lower your stress (from doing all that upkeep), increase your free time (from less time spent on chores).
The hidden bonus is that that also means you get to spend more time with your family and friends. So, why not minimize your home? Start by decluttering, and end with a new, more purposeful life in a smaller living space.
How a Title Loan Can Help with Your Move
While decluttering your life can be a great way to reduce your overhead and start a new life, there are costs associated with making the transition. For a financial kick start for starting over in a smaller place, or handling the occasional unexpected expense or cash emergency, look no further than the vehicle in your driveway.
What is a Title Loan?
A title loan is a short-term loan that allows you to get emergency cash based on the value of a vehicle you own. If you have a lien-free title to your car and no one can legally claim ownership of the car, you could qualify for a title loan of up to $15,000. Sound good? Here’s what you need to get approved for a title loan:
- Proof of income
- State-issued photo I.D.
- Your vehicle for inspection
- Lien-free title
Unlike traditional lenders, you could qualify even if you have bad credit. If you're tight on cash and responsible with your money, looking for a title loan near you might be just what you need!
The Title Loan Approval Process
To start the simple process, fill out the online form and a store representative will call you to explain the process and answer your questions shortly afterward. Next, simply take the required items to the store location to complete the approval process. When you arrive, a manager will inspect your vehicle while you fill out paperwork, and in as little as 30 minutes you could have the cash you need.
This short-term emergency-cash strategy is perfect for big expenses or fresh starts in a smaller home. The cash, the choice, and the opportunity are all yours for the taking!
Upsize Your Savings with Downsizing and a Title Loan
Downsizing your home is a great way to cut costs, save money, and simplify your life. But if you need help covering moving expenses, a title loan near you can provide fast cash when you need it most.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
Mason Roberts is a seasoned economics writer and blogger with a knack for breaking down and simply communicating the ever-changing world of finance. He is philosophically committed to the premise that financial knowledge equals financial freedom.
