The Ultimate Home Downsizing Quiz
by Staff
Empty nesters and retirees are the most likely candidates for downsizing, but in today's real estate and financial markets, many people are considering trading their current home for a smaller one as a solution to financial pressures.

What's a smart way to reduce your housing expenses?

  • sell your furniture
  • refinance your mortgage
  • cancel your cable TV

When you downsize to a smaller home, what monthly expenses can you expect to reduce?

  • your utility bills
  • your cable TV bill
  • your food bill

Large homes offer more _____________ than small homes.

  • living space
  • storage space
  • both of the above

When you downsize from a home with a big yard to a new townhouse, which expense can you eliminate?

  • gardening
  • food
  • clothing

Which of the following might you have to part with when you downsize?

  • your grand piano
  • your family mementos
  • both of the above

Hiring professional movers is expensive. What other costs should you consider when deciding to downsize?

  • redecorating costs
  • car maintenance costs
  • pool maintenance costs

When you reduce your_________ bill, you contribute to making the world a greener place to live in.

  • power bill
  • water bill
  • both of the above

Which type of tax can you reduce by downsizing?

  • income tax
  • sales tax
  • property tax

When real estate prices are low, it is considered to be a __________ market.

  • seller's
  • buyer's
  • real estate agent's

When you can't sell your old house, but have already bought a new one, what option do you have to avoid paying two mortgages at the same time?

  • rent your old house
  • rent your garage
  • rent your car