Chasing the Savings
Soaring home prices, soaring energy prices and high gasoline prices all add to the cost of living. As a result, the financial benefits of moving to a smaller place are numerous, and well worth exploring.
Reducing the Mortgage PaymentsIf you make the right move, you might be able to trade in your house and use the profit from the sale to purchase your next home in cash. If you are really in great shape financially, you might even pay off the new home and have tax-free profits from the sale of your old house left over to invest.
via investopedia.com
The monthly mortgage payment is generally the largest single expense consumers face. It routinely accounts for 30% or more of their gross income - often accounting for 50% of net income. Downsizing your house can have a dramatic and direct effect on mortgage expenses. At the very least, it can result in a significant reduction in your monthly expenditures, a significant increase in your free cash flow and massive savings in interest over the term of your mortgage.
Bob Abner (Huff Realty) is a well-respected, top Realtor in the Northern Kentucky/Greater Cincinnati real estate market with vast experience in the real estate industry. For Northern Kentucky Real Estate Listings and Home buying and selling Information visit: http://www.BobAbnerHomePros.com
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