By Norman Green
The hidden costs of downsizing LET’S GET STARTED. THE TRUE COST OF DOWNSIZING Let’s take the case of John and Mary (not real people though). This is a retired couple owning a home mortgage-free.
Let’s talk numbers.
They can sell their home for $250,000 sounds good right?
Such a move could increase your yearly income by $3,000. In addition, it could reduce your annual expenses by $3,3250. This saves you about $6,250 a year. It is worth it!
The couple wants a smaller home, that is a little closer to care facilities. Luckily, fate is on their side.
There could be more, but apart from saving you money, downsizing could actually cost you money too. Downsizing expenses can creep into your savings draining all the efforts to save and in this guide, i will give all the tips to avoid such a scenario from ever happening. WWW.THEPOWERISNOW.COM
They have managed to find a home worth $200,000. They can manage that and the balance, $50,000, they hope to add it to their retirement account. It is time to sell their old home for the new home. During the sale, the real estate commission takes about $15,000. The new buyer of their old home really negotiates the closing costs of $5,000.
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id you know that moving from a $250,000 house to a $150,000 house could save you BIG money?
