As soon as you took out a mortgage, you probably couldnโt wait until the day when it was paid off. But when that day finally comes, what should you do? Donโt kick up your feet just yetโฆit might be a good idea to put some careful thought into what youโll do with the extra money.
Once you no longer have a mortgage payment, a big chunk of your monthly income is now freed up for other goals and expenses. To make sure you don’t fritter it away, it might be a good idea to put it in an emergency fund for future home improvements. Consider creating a separate savings account specifically for it to avoid any temptation to spend that money on something else.
โAssuming your kids’ college funds are taken care of, your retirement fund is growing and your savings account is robust, it makes sense to put this new disposable income aside every month for future home improvements,โ said Normandy Designer John Long. โInvesting in the upkeep of your home so it doesnโt lose value is always a good idea.โ
You donโt need wait until you make your last payment to work out your home’s top renovation priorities. Get prepared now and set up a time to talk with John about the best way to keep your home in shape for your long term benefit.ย You can also learn more about additions, kitchens or other remodeling projects at an upcoming workshop. Check out theย photo galleryย or follow Normandy Remodeling onย Facebookย andย Instagramย for even more home tips and inspiration.