Sell Your Home Part 1 and SAVE!
Thinking of selling your home?
It may be one of the best money saving things you can ever do. Why is this? Because once you get into things like cars, homes, and yearly income you are talking about things on a MACRO level.
What’s the big deal about your personal finances on a macro level?
It’s great to save 50% on the $100 you spend at the grocery store, but it’s even better to save a measly 10% on the $100,000 you have on your house. In fact the savings is $9,500 dollars better despite the percentage decrease of 40%!
So what are some ways you can save by selling your home?
1- Buy an inexpensive home. This is great advice especially in today’s market of foreclosures. I am not sure who is to blame people or the goverment, but a lot of stimulus plans forced people out of renting and into purchasing a home before they were ready. So what does that mean for you? That means now a lot of beautiful homes are popping up for sale, way below market value price and you may be able to put some extra $ in your pocket.
2- Downsize to a smaller square footage home. This is smart for 2 reasons. One is that it will help you with tip 1 of buying a cheap home. The second thing is that it will help reduce your monthly bills like heating, ac, electric, etc.
3- Downsize to a smaller lot. Similar to number 2 you get a double bonus on this tip. You will be able to save on purchase price since there is less land. And you will also save in maintenance cost as there is less yard to care for.
4- Buy a better built, newer, more efficient home. This one may be more difficult to spot especially the way homes are advertised. However, while out home searching you will definitely want to look at things like- Insulation, Age of Water Heater, Age of A/C, Age of Furnance, and the condition of these items as well. With the improvements in technology recently it’s not hard to spot a newer more efficient system that could save you up to 50% or more on energy costs.
5- Find a home with less property tax. Property taxes have to be one of the most randomly estimated things of all time. Just one step across a street or placing your home into a different neighborhood and you could be paying $1,000′s more per year on property tax. Check out your current property taxes and see if there are any areas nearby where you can find similar type homes that are taxed a lot less. If you need help finding this info Zillow.com is usually pretty good about posting previous property taxes.
Hope you found these reasons to sell and save helpful. Best of luck to you and stay tuned for more posts on reasons to sell and also some tips to help get your home sold!
Until next time good luck on the path to financial freedom and keep saving dollars everywhere you can!