Could Downsizing Be Right For You?
The conventional wisdom says that first home buyers purchase the house they can afford, build their equity over time and then move on to a bigger and better home.
This is all well and good - but what about those who wish to downsize their living arrangement?
Is there a place for them? Of course there is!
There are many reasons why you might choose to live in a smaller house.
Whether your house is now largely empty after the kids have moved out, you’re soon to retire and want a simpler living arrangement, or you simply want to cut down on expense or clutter, downsizing can offer some great benefits.
Most of the time, a smaller home will be less expensive - not just to buy, but also in terms of utilities, rates and insurance.
A home loan calculator can help you work out how your cashflow situation could change with a smaller mortgage payment. Less debt means more financial freedom!
What’s more, it will be easier to keep in good order. There will be less cleaning and maintenance to do, which will free your time up for other pursuits.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.