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Downsize Your
Home, Upsize Your Investment
After your children
have grown up and left the home, you and your spouse may be left
with more space than you actually need. By downsizing your home,
you may be able to increase the power of the money you're
spending on your mortgage. After all, with a smaller family at
home, you can live in a smaller home much more comfortably. By
decreasing the square footage of your home, you may be able to
increase the number of amenities, along with the value of your
investment.
Now that your home is
only for you and your spouse, spend some time thinking about the
features the two of you would truly enjoy. By purchasing a
smaller home, you may be able to add more of them than you'd
think! It might be time to add that hot tub or swimming pool
you've been longing for your entire life. By decreasing the size
of your home, you'll decrease the mortgage payments that you're
making. This will free up money to add extra luxuries to your
new home – enabling you to increase its value.
Take some time to
compare real estate prices in your area. Look for a home that
has a smaller square footage, but still has enough room for you,
your spouse, and any regular visitors. This may allow you to
sell your current home and purchase a significantly smaller
house. Compare the prices of the two dwellings, to see exactly
how much money you'll be saving. Once the move is complete, you
can begin using this money to reinvest in your new home by
adding various improvements. Keep an eye out for possible
improvements when purchasing. Is the home you're considering
built in a way that is conducive to remodeling? Is there space
for any extra amenities that you're considering adding? Taking
these factors into consideration before you buy will save you
future headaches.
Consult a home
improvement specialist or contractor once you've purchased your
new home, to price the improvements you'd like to make. Once you
have a quote, you can begin to work the improvements into your
budget, one at a time. Gradually, you'll see your downsized new
home turn into the cozy nest you've always dreamed about. Be
sure to include features that make you feel at home, as well as
those that make life more convenient for you. Now may be the
time to improve access pathways to your home, cutting out steep
staircases or driveways. You may also want to landscape for easy
lawn maintenance, adding low-upkeep plants in place of high
maintenance grasses.
Take time to consider
how you'd like to customize individual rooms of your home, as
well. Consider adding the built in kitchen features you've
always wanted, such as spice racks and cabinet organization. Or
customize the bathroom so that it suits your needs perfectly.
The options are endless once you've decided to upgrade your
home.
Downsizing your home
while upsizing your investment is an excellent decision that
more and more boomers are making. Doing so gives you the chance
to eliminate unnecessary and empty space, trading it for much
needed luxury. After all, you've sacrificed as your children
have grown, ignoring your wants and needs to raise them well.
Now that they're gone, embrace this stage of your life. Invest
in the amenities that you've always wanted for your home. If not
now, then when? Take the money that you've saved by downsizing
your home and use it to upgrade your new living space. Doing so
very well could be the best decision you've ever made.
Marcia Chumbley is a
work
at home mom and grandmother in Minnesota. She
is the owner of a
Christian Work From Home Moms
website
at
Faithful Grannies
http://www.faithfulgrannies.com
bringing generations of
Christian Work From Home Moms,
Grandmothers, Parents, Boomers and Families together
while providing resources, inspiration and affordable
advertising while balancing the work at home experience. She
holds a degree in Business and is a CMOM.
Article Source
CWAHGrandparents.com
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