Should I Sell My House When I Retire?
A lot of parents will start downsizing their homes when their kids have moved on and they’re left on their own. However, there are also a number that, when they retire, think about just selling their home instead so they can move to a smaller apartment and get some more money in their pockets for retirement.
If you’re thinking about selling your home once you retire, you might want to ask yourself these questions first.
1. Do I really need to sell my house?
The decision to sell the house for retirement is often less about money and more about improving quality of life.
Maintaining a large house is not cheap, and for the elderly, it can be too much work to keep it clean and tidy.
While you don’t really need to sell your house, you can sell it to buy a smaller home, or perhaps an apartment, that’s much better suited for the kind of life that you’ll be living in your senior years. Not to mention, since you don’t have kids nor work to worry about anymore, you can choose to move away farther from the city and buy much cheaper properties.
2. Will I need the extra money?
You might think that you’ve saved enough money for your retirement, but you’d be surprised as to how much more expensive living at home can be, especially once you no longer have a steady stream of cash coming in from your job.
This is why a lot of retirees consider downsizing and selling their larger homes for smaller apartments or houses that are farther away from the city.
Also, there are real estate properties these days that are specialized towards senior living. Some of these can have amenities that are better suited for the elderly and retirees. Consider looking into the possibility of moving into such communities once you retire.
Either way, your needs will change dramatically once you’ve retired, and since you’ll inevitably have to spend some time in the hospital, having a bit more cash than you need will always help make it easier for you to cover any future and unexpected expenses.
3. Can I afford to fix up my old house?
Selling a house isn’t as easy as putting it up for sale and waiting for a buyer.
While it is possible to do just that, you’re much better off making a couple of renovations and repairs to make your home enticing and attractive to potential buyers. Between repair costs and maintenance, as well as hiring a real estate agent to list your house, the expenses involved when selling a home can add up rather quickly.
If you don’t have the emergency funds available, nor are you willing to spend money to renovate your home, then selling it might be difficult.
Of course, difficult doesn’t mean impossible, and there are ways to sell your home as-is for cash.
One way to sell your home fast without really doing any kind of home improvement project is to sell it to a cash buyer who will save you from the hassle of having to pay for a laundry list of expenses albeit at a much lower price.
While you may have never considered it before, selling a home once you retire can be one of the best decisions you could ever make for yourself and your spouse as you prepare yourselves for life after kids and work.