Buyer November 19, 2019

Should You Pay Off your Mortgage Early?

Hey, everybody, it’s Janine Sass or your Chicagoland realtor right here in Schaumburg. And today’s topic is, should you pay off your mortgage early? We’re going to be looking at some of the pros and cons today. So let’s not delay and let’s dove right in when it comes to paying off your mortgage early. There’s definitely some things that you should consider and weigh. One of the things is do you have other debt that is higher interest than your mortgage? Oftentimes, our mortgages are currently hovering somewhere in the 4% mark. Do you have other debt like credit cards at a high interest? Because experts do agree that those are the ones you should tackle first.

Here’s the second consideration when it comes to paying off your mortgage early. Do you think you are going to stay in the home for a prolonged period of time? Or is this home more of a stepping stone for you? If it is more of a stepping stone, you really don’t want to tie up your funds into that house. Do you think that maybe the money can be put to use in a different way? Do you think you can maybe get a better return on your investment by investing it? So think about that when it comes to putting your money to work for you. Our third consideration is talking about emotional baggage, and this is the big girls who are telling you being in debt is a bad thing.

You need to be debt free, 100% debt free. So if you look at it from an perspective of financial wealth, is being debt free as in like having no mortgage, giving you what you need in life? Or do you think your money should work for you in different avenues where it is okay to have a certain amount of debt as long as you have a financial plan in place. And lastly, age and risk factors matter when it comes to investing and when it comes to paying off the mortgage. Generally speaking, your appetite for risk is always going to be decreasing the closer you get to retirement age. You might not need to take the opportunities that are presenting themselves to you to make investments to make your money work for you. So oftentimes towards retirement age, there’s less tax benefits that you can get out of certain things.

So you may want to consider having that plan in place when you are reaching retirement age or when you’ve reached it. So I hope this helped. A couple points to consider when it comes to paying off your mortgage early. If you have any questions, you can reach me directly at 8477541835. And I look forward to helping you with your next question right here on my path. Past real estate without the fluff.

BuyerSellers November 8, 2019

3 Things to Look for in Your Forever Home

Hey, everyone, it’s Janine Sasso, your realtor right here in Illinois in the Chicagoland area. Today’s question came in, and the question was, what should I look for if I’m looking for my forever home? We as realtor keep on hearing it over and over again. The types of starter homes are gone. People want the forever home where they are staying in.

Well, hopefully forever. So I put a couple of things together of what you should look for when you’re looking for your forever home. Number one, the first thing you need to evaluate is your finances. Can you stay in the home based on your retirement income? Do you know roughly how much you were getting on the retirement income? You said to calculate your finances. You want to make sure that that is covering at a minimum. Your taxes and your maintenance. Hopefully that house will be paid off when you retire.

However, if you are buying a home later on in life, then you definitely want to calculate into the mortgage payment as well. So question one Can you afford it as you age and you have to rely on your retirement income? Number two, the second thing you should consider is, are you going to be car dependent? And the reason this is important is consider that maybe you don’t want to drive any more once you become older. Some people have to give up the driver license.

However, some people are just not comfortable behind the wheel anymore. What about your friends? Do you think that your friends do want to come out? They want to drive. Maybe you want to be closer to public transportation. Is this is something that you want to consider for the long run? Because, like you said, this is part of a consideration for the home to be your forever home. Number three, what you should look for in a home is the question is it age in place friendly meaning? Can you accommodate, you know, equipment that you might need as you age in your home? Chances are, the answer as of right now is no.

Did you know that there’s only 4% of homes that are retirement friendly? Meaning there is a first floor bedroom, you have a first floor, full bath, access to laundry on the first floor. Most of our homes are just not built like this. So here’s a little bit of, you know, food for thought. If you are doing a project and your goal is to stay where you are at in your forever home, maybe do a remodel and keep in mind to remodel it so you can take advantage of it later on.

And H So if that means, you know, having a walk in shower, if this means having lower countertops. There’s a lot of things you can consider with your remodel if age in place is what you’re looking for. I hope that helped. Shoot me. Another question. I would love to help you and you can always reach me at 8477541835. And I look forward being your real top choice here in the Chicagoland area.