Tuesday, November 24, 2020 / by Brad Brethouwer
Today I’m here with certified financial planner Nick Toman from Empowered Financial Management. We’re going to discuss downsizing and some of the things you should consider if you’re planning to sell your home to move to a smaller one.
Sometimes people choose to downsize when their children leave home or they’re ready to retire. When you’re considering selling a property you’ve lived in for years, it’s crucial to understand what your monthly income will be. That will help dictate where you transition to and what type of property you’ll buy next.
“It’s all about proper planning.”
Many pre-retirees have done a good job paying down their mortgage. They’ve lived in their home for years and have a lot of equity, so when they sell their home, they can decide how to use the proceeds from the sale. It’s all about proper planning. These can be things people don’t always think about when considering downsizing.
If you have further questions about downsizing, reach out to Nick or myself by phone or email at any time. We would love to help you.