Many people consider downsizing their homes as they approach retirement or after their children leave. In a Reddit discussion, a 46-year-old man contemplates trading his $3 million home for a less expensive one, allowing him to purchase a new property mortgage-free. Downsizing offers benefits such as reduced living expenses and increased cash flow, which could be leveraged for future goals. However, the emotional aspects of leaving a family home, school district changes for children, and other life factors should also be examined.
The more expensive a house is, the more it usually costs to live in it. Downsizing can free up cash for other goals while reducing expenses.
Despite having a $7 million net worth, downsizing from a $3 million home can provide financial flexibility for future needs.
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