Here’s an example of what downsizing might mean financially.
Recently, I was speaking to a client who was interested in downsizing. I figured some of you might be interested in downsizing too, so let me go over an example.
In this client’s example, their current home in the Bowie, Maryland area is worth $600,000, and they would net about $290,000 from selling their home after paying off the mortgage. They want to buy a two-bedroom, two-bath loft in a gated, 55+ community that goes for around $320,000. Since the client is a disabled veteran, they would only have to bring to closing about $15,000, and their monthly mortgage would be about $1,725 before condo or HOA fees.
This is a pretty good outcome for them, and if this sounds like a move you might want to make, I can help you. I have an awesome lender that can take a look at what downsizing scenario would be best for you and your family. Just give me a call, and we can go over your options.