Facing a costly mortgage renewal, this family decided to downsize and instead saved thousands - eviltoast

The family is moving to find more financial flexibility. Owning their current home is a financial burden, and the stress would only get worse with a mortgage renewal coming up soon.

Proceeds from the sale plus a cash top-up will mean they can live mortgage-free in their new three-bedroom townhouse. Current mortgage costs are $3,965 per month.

As well, Ms. Deane has estimated that her family will save on electricity, heating, insurance, property taxes and maintenance. Even with strata/condo fees of $710 per month at the new place, Ms. Deane calculates overall savings of $4,640 per month.

Props to them for making a smart move.

  • corsicanguppy@lemmy.ca
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    6 months ago

    Downsizing is neat if the numbers bear out.

    The Globe reporting that it’s cool to downsize immediately comes off as the rag promoted by the rich Republican owner preaching to the same plebes about extravagant homes as they did about iPhones vs healthcare before.

    The Globe offering advice to anyone is going to be rather suspect even for a while after it’s re-sold to someone without an elitist agenda.