Dec 6 2017 Why Your 40s Can Be A Good Time To Downsize Your Home

Dated: 12/06/2017

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GOBANKINGRATES 

Why your 40s can be a good time to downsize your home

Calculating how much you can save by downsizing

 

You also can factor in savings from the lower cost of taxes, insurance, upkeep and utilities -- which run about 3.25 percent of the value of house. Those expenses will drop from about $8,125 a year with a $250,000 home to about $4,875 with a $150,000 home -- freeing up $3,250 you also can add to savings, according to center calculations. You can run your own numbers using the center's calculator.

If you did the math, Arzaga said, you'd find that the benefit would be even bigger if you downsized before 40 or avoided home ownership and just rented. But many people are just starting families and buying homes in their 30s. And he recognizes that you can't take away the need people have for home ownership. "It goes against the dream of what people feel they should do," he said. That's why it's more realistic consider downsizing in your 40s than an even earlier age.

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John Gron

Meet John Gron’ Your Realtor dwell. Urban Real Estate A graduate of the University of Central Oklahoma;--Bringing many years of experience, John specializes in the sale of Historic, Vintage and n....

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