If you’ve come across good fortune lately, you might be tempted to acquire a larger, more prestigious home. However, Ginger Applegarth, author of “Wake Up and Smell the Money,” says those wanting to trade up should think of the future stages of their lives.
Here are some things to think about:
· If your kids are going off to college, a larger house could give you more space than you need.
· Be sure you’re adequately financing your retirement. Many retirees need 60% to 80% of the income made during their active working years to maintain the same standard of living.
· Get a general sense of your current living costs by averaging your monthly outlays over six months. If this simple calculation reveals that your monthly expenses fall far short of your net income, and if your savings and insurance needs are covered, you could be a candidate for a more expensive home.
· Factor unseen financial positives and negatives into your decision. For example, if your next home is much closer to your job, you’ll cut commuting costs. With a more spacious home, you’ll probably have a higher property tax bill and steeper utility bills. Unless you do the work yourself, you’ll be spending more for cleaning services and yard upkeep. You’re also likely to need more furnishings.
Please keep in mind that I’m always available to serve you and others with financing needs.
For more helpful resources visit BayAreaHomeBuyersInfo.com!
No comments:
Post a Comment