If you're retired or planning your retirement, one of the biggest decisions you may face is what to do with your house. Do you sell it and live off the funds while downsizing, or keep it? While there are advantages to each option, keep reading to learn some of the benefits of selling your home when you retire.
Start a New Chapter
While there are many financial and practical benefits to putting your house on the market when you retire, there are also personal and emotional reasons to do it.
Retirement is a big change in a person's life—for many, it's a day they've been looking forward to for years if not decades! So, it's worth considering using this time of career change also to make a home change.
Instead of living in a home designed for raising a family or being close to work, consider moving into a house that prioritizes your retirement life.
A lucrative benefit to selling your home when you retire is that you can capitalize on a great housing market for sellers. Now’s the time to cash in on your investment and reap the rewards, especially if you've had the same house for a long time and put a lot of equity into it.
Another reason that many retirees sell the homes they've had for years or decades is that they want to downsize. This is especially true for empty-nesters.
Once you've sold your current home and earned a hefty amount of cash, you can put it toward finally getting your dream retirement home.
Capitalize on a Seller's Market
A lucrative benefit to selling your home when you retire is that you can capitalize on a great housing market for sellers. Now’s the time to cash in on your investment and reap the rewards, especially if you've had the same house for a long time and put a lot of equity into it.
It's a seller's market in the US right now, so regardless of where you live and assuming your home is in good condition, you should have no problem finding buyers that will pay market or above-market prices.
Plus, you're no longer working and earning money, and the large sum of cash from selling your home can go toward a new house or pay for living expenses in your golden years.
Downsize and Eliminate Costs
Another reason that many retirees sell the homes they've had for years or decades is that they want to downsize. This is especially true for empty-nesters.
Those who raised a family in a home now have an empty nest and a home that requires a lot of upkeep and property taxes. Downsizing allows retirees to eliminate costs like repairs, maintenance, homeowner's insurance, and property taxes.
Your home may have been perfect for previous stages in your life, but now you're onto a different chapter. For example, mobile home living is perfect for retirement because it's so easy to manage and affordable for retirees!
Find Your Dream Retirement Home
Once you've sold your current home and earned a hefty amount of cash, you can put it toward finally getting your dream retirement home.
We've all imagined what our golden years would be like, and it's often in a different home than we currently live in. Maybe your dream home is a beach house, a cabin in the wilderness, or something closer to the golf course!
Whatever your heart desires, the first step in achieving the dream will be to sell your current house and put the funds toward your dream retirement home.
Selling your house is often the first step for retirees, and doing so has many advantages. If you're on the cusp of retirement, consider the benefits of putting your home on the market and what it means for your retirement plans.
Selling your house is often the first step for retirees, and doing so has many advantages. If you're on the cusp of retirement, consider the benefits of putting your home on the market and what it means for your retirement plans.
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