A home that had been intended for a larger family with kids may no longer serve the purpose when you’re retiring. As such, if you’ve already retired or are nearing retirement, there are considerations you might need to make about your property.
So, if you’re on the fence about whether you should sell your home when you retire or not, here are three reasons to convince you that you definitely should:
Eliminate Maintenance Costs
On average, homeowners will pay between 1% and 4% of their home’s value as home maintenance costs annually. The costs vary depending mostly on the age and size of your home – large, older homes require more maintenance. Selling your home and getting a smaller house will be an ideal decision to eliminate such expenses.
Boost Your Financial Well-Being
On average, people aged 65 years and above in the US have $400,000 in home equity. Once you sell your home, you can use your home equity to buy a smaller home that’s less expensive. You can also use your home equity for certain needs such as health issues, vacationing, or even pampering your grandkids!
Buy Your Ideal Home
To a retiree, an ideal home means a different thing from what it meant when you were younger. Most of the factors that influenced your home buying when you were younger are now probably redundant or secondary. For instance, as a young person, you’d consider the distance to the workplace and the best schools available for children. These factors are no longer desirable after you retire. Instead, you might now prefer a place with local amenities for retirees like fitness opportunities (gyms and paths for biking) and healthcare centers.
Selling Your Home at Retirement is a Great Deal!
Retirement is a celebratory milestone, but you still need to make an informed decision about your home. Selling your home to take advantage of the equity or to downscale to a more affordable home is a great idea. Speak to us to learn more about why you should sell your home when you retire.
