this post was submitted on 22 May 2024
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Facing a costly mortgage renewal, this family decided to downsize and instead saved thousands (www.theglobeandmail.com)
submitted 6 months ago by sbv to c/[email protected]
5 comments fedilink hide all child comments
 

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.

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[–] [email protected] 17 points 6 months ago* (last edited 6 months ago) (1 children)

Peeps are afraid to sell their shit. I'm a boomer, and my peers, colleagues, and folks I've known forever, are dying.

Many have never really stopped working nor begun living the life they worked all their lives working for.

They all could have sold their shit 10 years ago and LIVED off the interest!

But nope! Their dreams die in their sleep. As do they.

[–] sbv 13 points 6 months ago

Many have never really stopped working nor begun living the life they worked all their lives working for.

That's sad. We have the stereotype of the rich boomer enjoying an easy retirement, but that isn't the case for a lot of people.

Their dreams die in their sleep. As do they.

That's the most evocative thing I've read in a while. Props.

I'm sorry about your friends.

[–] [email protected] 12 points 6 months ago

I've done the complete opposite, we upgraded and bought an excessively large house 4 years ago.

The plan is to have our three kids continue living here upon finishing school and contributing to the household budget through at least part of their adulthood so they don't need to worry about extreme housing costs. There is enough space (and separation) for them to even all have partners living here with them, especially if we build a small accessory dwelling unit in the extra land we have.

Given how much we paid for it, and how much we've paid off, even if they're contributing only for the equivalent of a room rental (and they get more like a suite each) it would allow us to pay off the remaining mortgage very quickly and then we could even drop their cost more.

It hurts us now by costing an extra $2000 per month, but in terms of an investment in the children's future it's going to end up saving them each probably $1500 or more per month compared to a starter unit when they'd normally want to move out.

If they do eventually move out, we can downsize. If they don't, we can just stay a multi-generation house (which is actually what our house was built as) and why it's so big in the first place.

[–] [email protected] 9 points 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.

[–] [email protected] 8 points 6 months ago

ah. I see. just "downsize" to a 3 bedroom townhouse. Why didn't I think of that!?