The Ultimate Home Downsizing Quiz

Staff

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

The quickest way to reduce your monthly living expenses is by cutting your major expense -- your housing cost. Refinancing your mortgage is a good place to start.

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

You can expect lower utility bills in addition to a lower mortgage payment when you downsize to a smaller home.

Large homes offer more _____________ than small homes.

The biggest argument for keeping your big, drafty house is that it offers lots of living and storage space.

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

One of the biggest perks of downsizing is you no longer need to worry about maintaining a large yard.

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

Downsizing often involves getting rid of your larger furniture pieces as well as boxes of family mementos that fill your basement.

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

You may have redecorating costs when downsizing to a smaller home. If you need to replace your large furniture with smaller pieces, the cost may be significant.

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

Significantly cutting your energy and water consumption is a green benefit of downsizing.

Which type of tax can you reduce by downsizing?

Downsizing to a smaller home usually comes with a significant cut in your local property tax assessment.

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

Though you may have to sell your present home for less than you expected, the current buyer's market should help you buy a new home for less, as well.

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?

Owning two houses at the same time -- and paying two mortgages -- is a homeowner's nightmare. Often the best option is to rent out the old house until it sells.

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About This Quiz

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.

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