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5 QUESTIONS TO ASK IF YOU'RE CONSIDERING DOWNSIZING
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Downsizing your home may be a way to save both money and time. Consider these 5 questions.
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1 DO YOU WANT MORE FREE TIME? DOWNSIZING CAN FREE UP THE TIME SPENT ON HOME UPKEEP and give you more time to pursue other things you enjoy, such as hobbies, traveling or family bonding.
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2 DO YOU WANT TO CUT EXPENSES? A smaller place may help trim costs, such as: MORTGAGE INSURANCE PAYMENTS UTILITIES
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But remember to consider the costs associated with SELLING A HOME: $ REALTOR FEES $ CLOSING COSTS $ MOVING EXPENSES
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3 DOES YOUR HOME MEET YOUR NEEDS? You may look for a home with: LIVING SPACES ON ONE FLOOR A SMALLER YARD A CLOSER PROXIMITY TO CITY LIFE
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While you may be able to adapt your current home, moving to a SMALLER HOME MAY BE MORE CONVENIENT.
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4 DO YOU WANT TO IMPROVE CASH FLOW? Selling your home may give you extra cash to put toward retirement savings or free up a portion of your monthly expenses.
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ORIGINAL HOME $250,000 DOWNSIZED HOME $150,000 COULD SAVE $6,250 PER YEAR1
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1 http://www.bankrate.com/retirement/downsizing-home-does-it-always-make- sense/
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5 DO YOU NEED ROOM TO HOST? The right-size home for your family may depend on if you anticipate: Adult children or other relatives moving in with you Frequently hosting visitors
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AS WITH ANY PLANS FOR THE FUTURE, DON'T RUSH INTO THE DECISION. LIST THE PROS AND CONS. DISCUSS BUDGETS, CASH FLOW AND RETIREMENT PLANS WITH FAMILY AND FINANCIAL HELPERS.
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