Thinking about moving? You’ll need to establish the current value of your existing home, calculate your share of any closing costs, what the financing costs are of the new home, and then calculate all the additional costs of moving, what your bills will be in the new home, and what if any repairs or improvements are needed in the new home.
If you do not have enough equity in the home the savings of moving could be quite minor. The decision then becomes, where would you be happier? If you save an exceedingly small amount to leave a home, you love, is it worth moving.
Many elderlies want to downsize, but their personalities tend to get in the way. They may move into a smaller home, but many have difficulty cutting back money. The initial purpose of downsizing is to have a smaller monthly cost, yet the money they may save in mortgage payments ends up going to remodeling the new home or a new car payment
If seniors cannot cut expenses by at least 25 percent, downsizing may not be a suitable option for many Americans.
When approaching your golden years in an empty nest or your partner is gone and you are looking for something different, is it better to put money into remodeling your home and enjoy your new home or is it more economical to move to a smaller nest?
Living on a smaller scale may mean fewer expenses, such as lower mortgage or rent, lower maintenance costs, and lower utility bills. However, a move to a smaller home does not necessarily guarantee savings. They need to set-up a budget when moving into a smaller home. Not spending money on items that they do not really need.
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