Money Matters and the Home Buying and Selling Process Case Study 1
One of my challenges as a Financially Savvy Realtor, and former Banker is witnessing how casually most people manage their finances, their assets and liabilities. Many families are not aware of ways to improve their financial and housing position. I am going share a series of actual client experiences to highlight how I have assisted families over the years to improve on their finances and their living situations. In many cases, I have helped families move to larger homes and save money in the process. I hope I can open your eyes to a better financial approach towards your home and ultimately a better lifestyle!
Client Experience 1
I helped a Single Professional living in a Condo that she purchased in 2012. She paid $230,000 and it is estimated to be worth $265,000. She owed ~ $210,000. Condo fees are $390 per month. Current monthly payment is $1700 per month. She owes $15,000 on her car and is paying $450 per month on car payment. She has minimal other credit card debt. Current Monthly expenses for her car and home are $2150 per month.
She also wanted a townhouse instead of a condo if possible. She decided to sell her home. Her cost of sale was ~$18,000. Her net proceeds from the sale were $37,000. She was able to pay off her car and free up $450 per month in expenses. She purchased a traditional townhouse at $335,000 in the same area with $160 per month HOA fees versus $390 condo fee. She used a 5% down-payment lender paid M/I financing program. Her monthly payment with HOA and new townhouse came in at $1760, which was $60 more than her current housing expense; however, her $450 per month car payment is gone. Taxes were $80 per month higher at the new property. She realized a monthly expense savings of $310. She also is enjoying an upgraded home in a gated community with no more parking constraints, less stairs to manage, a deck, and a great view!
Step Up and Save! Let me show you how!!!