Will Right-Sizing My Home Save Money? | Smith Mountain Lake Real Estate – Debbie Shelton

Will Right-Sizing My Home Save Money?

If retirement is in your near future, you may have started analyzing your finances in efforts of finding areas to save. The Bureau of Labor Statistics cites that 49% of Americans in their late 50’s and early 60’s has mortgage or home equity debt, and that housing costs take up one-third of their household income. Simply stated, many of us are living in more house than we need. The concept of “rightsizing” your home could potentially save you a considerable amount of money, and is a great place to start your financial planning.

Rightsizing means that you are finding the right-sized house to suit your needs. A larger home equates to larger mortgage payments, utility bills, and maintenance costs. By rightsizing your home to a smaller living area, you’ve cut down your living expenses, giving yourself extra money for investing and retirement.

Smith Mountain Lake offers a host of housing options, making it easy for retirees to find their ideal living space. From waterfront condos and townhomes, to maintenance-free residential developments, I can show you a variety of homes that speak to your desired lifestyle and budget. And with the extra money you’ll be saving, you’ll have more flexibility to relax and enjoy your retirement on beautiful Smith Mountain Lake.

 

Source: Rightsizing for Retirement, Discover 360 Financial