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.
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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.
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.
That’s the most evocative thing I’ve read in a while. Props.
I’m sorry about your friends.