Many older Americans are reconsidering the idea of investing in a home as a long-term residence due to escalating costs associated with living, maintaining properties, and high mortgage payments. Alyson Austin, a 56-year-old former Californian, faced significant monthly expenses that prompted her to sell her condo and relocate to Maine. By purchasing her mother’s home, she aimed for financial stability, avoiding high homeowner association fees and benefiting from lower mortgage payments, allowing her savings to grow while providing for both her and her mother.
"I was dipping into my savings account to the tune of $3,000 per month when I was in California," explains Austin, who recently moved to Maine.
"For me, it was better to buy her home that was large enough for both of us and I can manage finances for both of us," says Austin.
"The home in California was valued at twice what this home is valued at. Therefore, the loan was much higher, and it was a condo with an HOA maintenance fee that was nearly $1,000 per month," says Austin.
"Once I sold my California condo, my savings started adding up in Maine," Austin says.
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