Downsizing

The kids are in college. Do the Math on downsizing.

Finances, Savings

From a $1 milion dollar Train town home to a $600,000 Train town home. You could save $1,800 on your mortgage per month. Your taxes might drop from 28k to 16k which could save you an additional $1,000 per month

Also factor in insurance, utilities, landscaping, cleaning, maintenance savings and it’s possible your savings could total $3,200 per month

Square Footage

Going from a 2,500 foot home to a 1,200-1,400 square foot cottage or condo means lots of ‘things’ won’t fit. What to do with the second bedroom, office, studio, guest bedroom?

One thing’s for sure, you’ll have to declutter and decide between storing, eliminating or selling some things.

Pros

1. Lower costs
2. More options (finances & living experiences)
3. Easier to maintain
4. Travel more
5. Other adventures
6. Invest cash-out equity

Cons

1. We love our home
2. Might not get back into this neighborhood
3. Less Storage
4. Harder to host guests or big parties
5. Moving

If getting started is still daunting, contact me for a downsizing consultation at ken@kenkrasnerhomes.com or 201 600 8141.