3 reasons you should downsize your home if you're an empty-nester.

Now that the kids are off on their own, it's a good time to consider downsizing to a smaller home.

If the kids have left the nest, you probably have a lot of extra space that you don't really need. (Hint: if one or more rooms is used for storage, do you really need it?) It could be time to consider downsizing to a smaller home or condo. Here are 3 reasons why:

It can save you money.

If you're still paying down your mortgage, moving to a smaller place may lower your monthly payments and save you on taxes and upkeep.

It can save you time and effort.

The larger your home, the more work it is to keep it up. Downsizing to a smaller home means less yard to maintain and fewer rooms to clean.

It can offer more financial freedom.

Take the money you save and stash it away. Earmark it for your 'travel fund'. Send a grandchild to college. Or donate to your favorite charity.