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* Your home: When it’s wise to downsize

Posted on September 10th, 2008 by City Home Mortgage Specialist. Filed under Bank of America, Canadian banks, Home Mortgages.

Many empty-nesters assumed the grass will be greener in a smaller home. Not necessarily. Last year Rick and Suzanne Pepin moved from the four-bedroom 3,400-square-foot house in Minneapolis where they lived with their three (now grown) kids to a luxury condo that’s a third smaller and offers only a Murphy bed for guests. Still, the couple couldn’t be happier. Downsize home downsize expenses

Here’s what a family of four could save annually by moving from a 2,800-square-foot home to a 1,800-square-foot one.

Utilities savings Property tax savings Atlanta $1,217 $983 Boston 1,922 3,962 Chicago 1,281 4,545 Denver 1,179 1,779 Houston 1,755 6,162 L.A. 1,153 4,958 Miami 1,243 9,089 Philadelphia 1,665 1,159 U.S. Avg. $1,300 $2,597

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Tags: house, real estate agent.

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