Downsizing Your Home to Increase Cash Flow and Wealth

Downsizing to Build Wealth | Financial Freedom Checklist here: http://financialwoman.com/financialfr... ============================================== Are you thinking of moving to a smaller or less expensive home? Maybe you want to lower your expenses, or just have an easier lifestyle. In this video I’ll share the process I created to help decide if we should downsize, and by how much, so we could make the best decision about this important lifestyle and wealth element of our lives. 1. Calculate how much lower your expenses would be after downsizing Put all your current home related expenses on a spreadsheet. In the next column, put the amount by which you think you could lower that expense. Examples are Lawn, property taxes, utilities, HOA, mortgage 2. Note whether you would finance your new home, and how much down payment you would make when downsizing. See Positive cash Flow vs overall cost Note Low interest rate 3. Consider the overall real estate market before downsizing. When prices are high, it makes sense to downsize. When prices are low, the reverse is true. 4. Determine the size home you want. Create a spreadsheet or Write down the approximate square footage of each room in your home. In the next column, write the size room you could be happy with. 5. Consider how much money you’ll make on the sale. Sales price less fees and fix up costs. Less cost of new home Maybe rare and beautiful tax free capital gain. 6. Write down the areas and neighborhoods where you could happily live. For Location, Make a note of the places you want to be near. Lifestyle: Asthetics: Are there certain deal kilelrs or deal makers, Construction – We love limestone and would Lot size – space. Or low maintenance. Style- grey with a very modern feel. Flipper? Pay $50K for someone else’s style? Next, explore what’s for sale on online real estate sites. attend open houses. Traffic? 7. Would you like to lease on Airbnb.com or vrbo.com for extra income streams after you retire or after downsizing 8. In summary Financial considerations are: The monthly increase in cash flow The amount of capital you’ll make The amount you can make from investing the money you’ll make from both the sale and the increase monthly savings Consider that if you buy back into the real estate market after a correction when prices are super cheap, you have an extra opportunity to build wealth. If the numbers make sense, and you can be happy with alternative homes you see, downsizing may make sense for you. ========================================== Financial Coach and women and money author Camille Gaines explains her process for one strategy that can have the biggest impact on achieving financial independence: Downsizing your home How much you'll save when moving to a new home, The importance of homeowner association dues, and more Help me Inspire Others to Live Rich in Retirement by: 1. Liking This Video 2. Subscribing to my Channel here:    / @retirecertain   3. Share this video link on your social media channels =============================================== This is financial education only and is not to be taken as personal financial advice since everyone’s situation is different. Learn personal finance and investing basics so you can embrace and lead your wealth with confidence! =================================================== Camille Gaines Financial Coach Leave a Comment here and I’ll answer it, or connect with me here, too: http://financialwoman.com/ Facebook:   / financialwoman   Instagram:   / financial_woman   Pinterest:   / camillegaines   Twitter:   / financial_woman   Here’s More about Me Personally: About: http://financialwoman.com/financial-w... Financial Coaching: http://financialwoman.com/financial-c... Free Financial Coaching Tools: http://financialwoman.com/financial-c... =========================================== More Videos Recommended for you on Downsizing Downsizing Dilemma: How to Buy the Stuff You Need Without Adding Clutter with Sixty and me    • Downsizing Dilemma: How to Buy the Stuff Y...   ClutterClarity's 3 Essentials to Enjoy Downsizing (Decluttering, Organizing, Moving) from Clutter Clarity    • ClutterClarity's 3 Essentials to Enjoy Dow...   Dave Ramsey My Wife Is Uneasy About Downsizing House with Dave Ramsey    • Video   =========================================== Yikes! Watch my Retirement Income from $1,000,000 Investment Account video here:    • Retirement Income from $1,000,000   ============================================ I really appreciate you watching. Thank you:) All the Best, Camille #FinancialWoman    • Downsizing Your Home to Increase Cash Flow...