A recent study by market research firm, Edelman Berland showed 1 out of 3 people thinking about selling their homes plan to buy a smaller house in the future.
Here are a few thoughts from well-known financial expert, Dave Ramsey. Ramsey discusses three financial advantages that can come from scaling down your home.
- While a smaller home does means you’ll have less space, it also means you’ll spend less time and money on maintaining your home. This usually means a lot less stress.
- Plus, you can save more money. For example, if you saved $500 a month on your mortgage payment, you’d be able to put $1–1.6 million more in the bank to help support you as you get older.
- You can also eliminate your mortgage by taking the proceeds from the sale of your old, bigger home and paying cash for a smaller, less expensive one. If that’s not an option, you can at least do a 15-year fixed rate mortgage. You can get about a 3% interest rate with a 20% down payment on your new home. So you could add the $500 you save every month to your new mortgage payment. You could pay off a $200,000 mortgage in just over 10 and half years and save nearly $16,000 with this strategy.
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Ed offers you something most realtors can’t. He has firsthand knowledge of all sides of a real estate deal – buying, selling, renovating, investing and financing. So whether you’re looking for the perfect home for yourself or your family, want to sell your property quickly, or are interested in generating investment income, he can provide you the expertise you need. Contact Ed at [email protected]
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