Dollars and Sense
As soon as you took out a mortgage, you probably couldn’t wait until the day when it was paid off. But when that day finally comes, what should you do? Don’t kick up your feet just yet…it might be a good idea to put some careful thought into what you’ll 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.
“Assuming 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,” said Normandy Designer John Long. “Investing in the upkeep of your home so it doesn’t lose value is always a good idea.”
You don’t 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. You can also learn more about additions, kitchens or other remodeling projects at an upcoming workshop. Check out the photo gallery or follow Normandy Remodeling on Facebook and Instagram for even more home tips and inspiration.