Welcome back to the First-Time Buyer Series. Last time we talked about figuring out how much house you can actually afford. This time we're tackling the part of the process that trips up almost
Save On Housing Costs in Retirement
Dated: June 7 2021
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Retirement is something people look forward to most of their lives and as you prepare for retirement, it’s natural to consider ways to reduce your housing costs. Fortunately, there are some great ways to enhance your lifestyle while reducing costs.
1. Downsize – The most common way to reduce costs is to downsize. Many older Americans find they can greatly reduce or eliminate monthly payments while reducing upkeep.
2. Home Sharing – If you are single, consider finding a housemate.
3. Retirement Communities – 55+ communities offer a lower-cost, low- maintenance lifestyle.
4. Retire in Phases – Plan for the stages of retirement, including possible assisted living. Buying into these multi-stage communities can save thousands throughout your retirement.
5. Look at Your Mortgage - Make your current monthly payment more affordable by refinancing at a lower rate. You might also consider a reverse mortgage. Federally insured reverse mortgages can provide income to supplement your retirement savings.
6. Sell Your Home – Maybe you no longer need to own a home at all. Selling a home and pocketing the proceeds can give you the freedom to travel more and rents may be less expensive than owning. Saving money on monthly expenditures is the best way to make the most of your hard-earned retirement.
If you are in your final retirement planning stage or if you are ready to fully step into retirement, lets connect soon and talk about your best option!
Ava Mitchell
Born In England, raised in Australia and 'imported' to the USA by a career military husband, my life brings a well travelled perspective and know how when it comes to finding a place to call home.Foll....
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