Budgeting Mistake: Holding Onto An Expensive Home

Even if you can count yourself among the lucky retirees who enter retirement mortgage-free, owning your own home is still pricey. Not only will you have to deal with insurance and property taxes, but you should also think about the cost of maintenance.

A typical homeowner tends to spend around 1 to 4 percent of their home’s value on upkeep every year. But if you’ve owned your home for more than 30 years, you can count on hitting the higher end of that spectrum.

A more suitable solution would be to downsize to a smaller house or apartment or something that’s simply less expensive to maintain.

…If you’re looking for more great tips on how to avoid budgeting mistakes, you should check THIS out!