The Financial Benefits Of A House Move
Okay, so we know a house move can be expensive, and it can be very stressful too. However, despite the short-term knock to your finances, and despite the stresses of the moving process, you might experience financial benefits in the long-term.
Downsizing brings financial benefits
If your kids have flown the nest, and you no longer have need of larger living space, then downsizing could be the way to go. Be it a small house or something akin to the fabulous offerings at Meriton Apartments, you will have the opportunity to enjoy a new home and an increased opportunity to save money.
A smaller home will incur smaller living costs, so you will see a big difference in your monthly spending. A smaller living space will also require less maintenance, so there should be less to pay on repair bills.
And because you’re in a smaller home, you will have less room for surplus stuff, so you will be less inclined to waste your money on things you don’t need.
Okay, so we know a house move can be expensive, and it can be very stressful too, even with the help and support of someone like this Knoxville selling agent. However, despite the short-term knock to your finances, and despite the stresses of the moving process, you might experience financial benefits in the long-term.
You might save on a new mortgage
If you are currently paying a small fortune on your mortgage, the opportunity to move could help you make savings.
You have the option of transferring your existing mortgage to your new property, but if you’re paying too much, you might get a fairer deal if you take out a new mortgage loan with your lender. You might still have to pay an early repayment charge on your existing mortgage, but if you’re guaranteed long-term savings, you might still opt for a new loan if you get a better rate of interest.
You also have the option of switching lenders if you find a better mortgage deal elsewhere. Again, you might still have to pay exit fees if you quit your existing mortgage mid-term, but weigh up the savings you might make in the long term if making the transition
We have more advice on reducing your home mortgage interest costs here, so have a read for some useful advice.
You can reduce travel costs
This applies to all kinds of situations.
For one, think about your daily commute. If you’re paying a lot of money on car fuel or public transport costs to get to your workplace, you will start to make savings if you move into an area that is nearer your place of work.
Then there’s the proximity to your children’s schools, and to the amenities you require for your day-to-day living. If your current home is at a considerable distance, you will obviously be paying a lot on transport costs.
Moving to a new property could be financially beneficial then, especially when there is no need to travel far to get to where you need to be each day.
Is it worth moving house for the sake of the financial benefits we mentioned? Well, it depends. If you’re happy where you are, maybe not. However, if you have been thinking about moving anyway, the savings you should make might give you the incentive to finally up sticks and move!
For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.
Get your questions answered to pass the CPA exam, and to learn accounting concepts.
Go to Accounting Accidentally for 400+ blog posts and 450+ You Tube videos on accounting and finance:
Good luck!
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
(website and blog) https://www.accountingaccidentally.com/