Retiring? Why It Makes Sense to Sell Your Home – Quickly
In today’s world, the truth is that very few people are able to retire with the money they thought they would have when they bought their home. In fact, fewer people are able to retire at all, but must continue working into an unforeseeable future, in spite of age or health-related circumstances.
Becoming a Renter Is a Great Option For Seniors
Often the smartest financial move for those over 60 is to sell their home or property and become a renter instead. This is particularly true for seniors living in and around.
Renting Is Now One of the Easiest and Most Cost Effective Solution for Seniors
Chances are that if your retirement savings have declined in value, you may be having difficulty keeping up on the repairs necessary to keep your home in good condition. And if you haven’t been able to keep up with maintenance on your home, then chances are that its value is declining as well.
Leaving a Home to Your Family Can Be a Problem For them
This is where you need to ask yourself – honestly – if leaving such a home to your children would be a disadvantage, rather than a gift. Whatever the reason, if your home has become a liability rather than an asset, it makes sense to get out from under the burden of a mortgage so that you can enjoy those “golden years” in comfort.
There Are Great Reasons to Sell Your Home When You Retire
Ironically, thanks to the economic and real estate meltdown, this is probably the first time in history where not owning property makes more financial sense than owning property. This is especially true in certain parts of the country, and unfortunately, is on that list. If you’re struggling with a home or piece of property that is draining you physically, emotionally, and financially – consider these reasons to sell so you can live more comfortably:
- You Can Pay Off Debt: If you sell your home or property, you will be able to offload your mortgage payment, and possibly pay off other debts, which would give you more monthly income to improve your standard of living.
- You Can Increase Your Nest Egg: Selling your home might also mean that you could add that home equity from the sale to whatever your retirement nest egg might be. This would give you more long-term financial security and protection.
- You Can Gain Earning Capital: Selling your home may give you the capital to produce and earn more income.
- You Will Have Fewer Costs When Renting: It costs less to rent than it does to own your home. There are no property taxes, no maintenance and repair costs, and insurance rates go down.
- You Will Have More Income When Renting: Moving from owning a home to renting generally means you will be able to simplify your lifestyle by downsizing. By living in a smaller space, you won’t have to buy or maintain as much “stuff,” and you won’t have to worry about the high costs of heating, cooling, water, etc. Sometimes utilities are even included when you rent a home.
- You Won’t Need To Pay For Home Repair & Upkeep: Renting is easier and far cheaper than owning a home when it comes to upkeep – because there is none. When you need something repaired – you can call your landlord rather than pay for a plumber or electrician yourself. Plus, you no longer have to deal with the cost and difficulty of maintaining landscaping and/or outdoor spaces.
- You Will Have the Freedom to Choose a Convenient & Less Expensive Location: You have the freedom and flexibility to live where you want to live, which often means a shorter drive or walk to shopping and other amenities that will save time and money. You can also choose to live closer to family, which can mean fewer travel expenses for visits, as well as closer family ties because you will be able to help with childcare, and/or have help nearby for yourself.
- It Will Be Easier Physically, Emotionally, & Financially: You can make your life easier physically and emotionally, as well as financially. There are apartments that cater to seniors who need a minimum amount of stairs, easy access, convenient laundry facilities, and other special accommodations such as handrails in bathrooms. There are also complexes that have amenities like special services, shuttles, and social activities available for residents.