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Learn how to save tens of thousands of dollars by not moving very often.
Let me tell you a true story. When my late husband and I got married, we had to decide whether to keep his house and remodel extensively (get rid of the avocado colored bathroom, fluorescent lighting and vinyl floors, basically taking it down to the studs), or find a new house.
We looked at new construction, but we liked his house’s floor plan and “bones” better. It was also in a killer location and on a nice lot.
We agreed to keep the house and do a six-figure remodel. Part of what made the the decision easy was a back of the envelope calculation. Let me show you.
Adding up real estate commissions of about $30k, loan points $4k, moving costs $7k, prepping house for sale $5k, fixing up new home (curtains, towels, bedding, paint, light remodeling) $10k.
Those were obvious expenses it would cost us to move to another home. Adding them up, they totaled $56k, which was 56% of our $100k remodel budget! In other words, over half of our remodel would be saved just by not moving!
The takeaway for you? Moving costs a lot of money! The less frequently you move, the more money you will have.
So buy a home you can live in for at least 10 years, preferably a lot more. You’ll pay your mortgage off faster, accumulate more equity, and save thousands of dollars by not moving.
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Be Wealthy & Smart,™ is a personal finance show with self-made millionaire Linda P. Jones, America’s Wealth Mentor.™ Learn how to build wealth, make money, and have financial freedom. Introduction to principles of wealth building you won’t hear about from your financial advisor. Learn how to get rich, the 6 Steps to Wealth, the Twin Pillars of Wealth Building™: Invest Like Billionaires™ and Create Your Luxury Brand™ Business.
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