While people spend a good deal of time planning out their careers during the early stages of their lives, they spend a good portion of their careers worrying about whether they’ll save enough money to retire. One way to ensure that you’ll have more money when you retire during your golden years is to downsize by selling your current home.
In fact, with the shape of the current housing market, you may end up with such a financial boost that the problem will no longer be whether you’ll earn enough money. Instead, you’ll need a few new ideas to suggest the best way to spend your extra money. Here are a few ideas to help you plan if you’re having trouble sorting out this challenging problem.
Moving into a New Custom-Built Home
The house you already own is one of the best investments you could ever have made. However, before you decide to sell it so that you can reap the benefits of the value it has accrued since you bought it, you should consider where you’ll move next.
If you’re currently living in the middle of a busy city, you should consider the positive lifestyle changes you’ll enjoy if you move to a smaller area with more access to the countryside. While many parts of Ontario have experienced enormous increases in housing costs, there are still new homes and communities in the Niagara Region available at an affordable value.
When you move into a custom home in the Niagara area, you’ll gain access to active adult lifestyle communities that can ensure that your retirement years are well-spent. You’ll also gain more control over the design of your home, so you can include stylistic choices to fit your personal taste or add an extra room to accommodate guests.
Consult your Investment Advisor
If you’re going to live comfortably during your retirement, you don’t want all of your money to be tied up in investments. You may want to talk to your financial advisor to see the best way to invest these extra funds.
Create a Spending Plan
Part of enjoying financial freedom means ensuring that you don’t hit a wall sometime in the future. Start out by creating a new budget based on the adjustments you make after factoring in the sale of your home. Creating a spending plan will ensure that you never run out of the money you need to live well. (xanax)
If you’re having trouble deciding what to do with the extra money that you earn on the sale of a home that has increased substantially in value since you purchased it, try to keep in mind that you could be facing worse problems. The best way to find direction on your next move may be to contact a custom home builder to get started on your new retirement plan.
