Don’t Be Afraid to Downsize!
It is not only empty-nesters who consider moving to a smaller home, although that may be the image that pops into your mind when you hear the term “downsize”. Still, you should think about it! Here’s why:
We all have to think about our retirement! – By moving to a smaller, less expensive home you may be able to invest more into your retirement account. If you are still working and start saving let’s say $500 a month, in the next 30 years you could have over a million dollars in the bank. Depending on the type of investment, the amount might be as high as $1.6 million.
Reduce your monthly payments! – Use the money you get from the sale of your home to pay cash for a smaller one. Imagine your life without a mortgage to pay every month!
Get rid of debt! – You may be struggling to pay off your student loans, and looking into the future you see no end in sight to those payments. Here is an example of what could happen to your student loans if you add an additional $500 to your payments every month: Let’s say you owe $18,000 on your student loan. With a 6% interest rate and a minimum payment of $200 a month, you’ll be paying on that loan for 10 more years! With that additional $500 a month, you’d trim a whopping seven years and eight months off your pay-off date. Isn’t this something worth considering?
Improve the quality of your life – Let’s say you are not thinking of retiring, you have no student loans and you are making your monthly payments on time every month. Wouldn’t it be nice to move to a smaller home and use the excess cash to do something fun like traveling, learning a new skill or just buying whatever you have been dreaming of but have been unable to afford?
It is quite clear that moving to a smaller home is not for everyone. However, it might be a good idea for you to look into it. Talk to me to determine how much your home is worth now and study the option of a smaller home. Let me negotiate the best price for your current home and find you an attractive smaller option. You never know, it may result in a true change in the quality of you and your family’s life for many different reasons!