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  • Zions Bank sponsors the Homeowners Café® as a service to the community; therefore, all information provided should be considered as educational in nature and not as professional services. By utilizing the services of, and the information provided by, the Homeowners Café, you acknowledge and agree this does not constitute any legal commitment to become a customer of any bank, including Zions Bank and its affiliates nor does it constitute an offer of any extension or modification of any credit to you by Zions Bank or its affiliates.

Downsizing

Downsizing—Moving into a Smaller Home

Downsizing means moving into a smaller home.

Homeowners downsize for a variety of reasons. It’s more common for retirees to move into smaller properties, but younger people also downsize for a variety of reasons.

There are advantages and disadvantages to moving into smaller living spaces. Financially, a smaller home may reduce utility costs, property taxes, homeowners insurance and your mortgage payment. Downsizing may free up time that was spent on yard work and house cleaning.

If you meet IRS requirements, you may be able to take advantage of a tax-free gain of up to $250,000 when you downsize. Consult a tax advisor for information and to advise you on all IRS requirements. Weigh all financial and non-financial effects before making a decision.

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Homeowner’s Café®
This page was last modified on Thu Mar 05 15:56:49 MST 2015