Home ownership is a good thing. But for some people, it can be too much of a good thing! If your house has become too expensive, too big, too time-consuming or too much to think about, maybe it’s time to downsize. Here are 5 reasons to consider moving into a more manageable home:
- Housing costs exceed 30% of your take-home pay. If your Red Deer mortgage, insurance and property taxes are over 30% of your income, you’ve got precious little left to live on. Chances are your housing costs as a percentage of income started out below 30%. But maybe one spouse was laid off or stopped working to care for kids. Now’s the time to decide how much longer you can go on this way. If it’s getting unmanageable, don’t be afraid to sell your Red Deer home and buy a less expensive one or rent for a while.
- Home maintenance costs continue to rise. As your Red Deer home or condo ages, it’s only natural that it’s going to require more costly maintenance and repairs. If your budget can’t accommodate that, consider moving into a smaller, newer home in Red Deer.
- Setting aside savings is almost impossible. How can you save for retirement, kids’ education and emergencies if all your money is going to housing? By downsizing, you may be able to work toward future financial security.
- Life’s too short to be house poor. Even if you can afford all the obligations of housing in Red Deer, what’s life without regular vacations, occasional fine dining, or an expensive hobby? If you can put up with a smaller home in Red Deer, you’ll have more freedom to enjoy a fuller, more rewarding life.
- Space you don’t need is money wasted. Aside from the higher mortgage, insurance and property taxes, large houses in Red Deer are more expensive to heat, cool, -light, furnish, clean, etc. If you’re no longer using all those rooms, downsize and put extra money in your pocket.
If you’d like to explore the savings of downsizing, feel free to give your Red Deer Mortgage Broker a call today, 587-315-3525