30 11, 2022

When to downsize your home

2022-11-30T13:55:31+00:00November 30th, 2022|Buying a home|

Whether all the kids have moved out or you simply have rooms you aren’t using, it’s possible that your current house is too much home for your needs. Still, it can sometimes be hard to tell when your residence has outgrown its usefulness. Try these tips to help recognize the signs that it’s time to downsize into a smaller home better suited to your lifestyle.

Your housing expenses are up

If you’re struggling to make ends meet with rising bills tied to housing costs, it could be time to consider downsizing. The US National Housing Authority says that no more than 30% of your monthly income should go toward your housing budget. A drop in income from retirement or other financial changes can make it easy to blow past this recommendation and put a strain on your household budget. If too much of your income is going to housing, switching to a smaller home could free up some funds and improve your quality of life.

Home maintenance is becoming a burden

It takes a lot to maintain a home. Keeping up with landscaping and lawn care, minor repairs, and shoveling snow can become a burden for retirees. Even for younger homeowners, the demands of maintaining a large property can sometimes be overwhelming. If you’re finished with the hassle of maintaining your property, downsizing to a more manageable property can make life much easier.

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Your home is becoming dangerous or inconvenient

For seniors, the choice to downsize often comes down to the physical changes from aging. We would all prefer to spend our golden years in our own […]

17 11, 2022

What you should know about inheriting a mortgage

2022-11-17T14:04:29+00:00November 17th, 2022|Home Finances|

Inheriting a home can feel like a major windfall, but also comes with potential red tape. There are taxes to consider, and then there’s the matter of inheriting a home with a remaining mortgage balance. Receiving a home with a standing mortgage shouldn’t be cause for concern. Here are three things you could do if you’ve inherited a home that isn’t paid off.

Sell the home

Selling a home you have inherited is a simple way to tie up loose ends and eliminate the remaining balance on the mortgage. You can also keep any remaining funds left after the sale of the home as your inheritance. In most cases, choosing to sell an inherited home means hiring a realtor, so be aware of any associated costs that come with these transactions. Otherwise, selling is your simplest path toward moving on from the unwanted cost of an inherited mortgage.

Pay the balance

Maybe you’d like to keep the home you have inherited as a primary residence or rental property. Whatever the case, paying off the remainder of the mortgage in one lump sum will give you full ownership of the home. This may be an attractive option if the balance on the mortgage is low, or if you’d like to hold onto the property to sell at a later date. Real estate can be a great investment, so paying a relatively small sum for a property now could pay off in the long run.

Take over the mortgage

This option is more complicated than the previous two, but in many cases, it is possible to take over the mortgage payments on a home you have inherited. Actually, the process of taking over a mortgage is simpler than acquiring your own home loan in many ways. No application is required […]