Preparing to Retire? Does It Makes Sense to Sell Your Home – Quickly
In today’s economic climate, a small number of people retire with the money they thought they would have when they purchased their home. In fact, fewer people are able to completely retire than ever before, working in spite of age or health-related circumstances.
Renting Is a Great Option For Seniors
In some cases, the smartest financial move for retired seniors is to sell their home and become a renter instead. If your retirement savings have declined, this move will cut expenses tied to costly repairs, maintenance and upkeep of personal property.
Leaving a Home to Your Family to Inherit May Not Be the Gift You Think
Many people dream of leaving something, many times a house, for their loved ones to inherit. The question you must honestly ask yourself – will leaving property to your loved one be a disadvantage or a gift? If your home has become more of a liability than asset, unburden yourself and enjoy your “golden years” in comfort.
Selling Your Home at Retirement Has Great Benefits
Ironically, thanks to the economic and real estate meltdown, this is one of the first times in history when it makes better financial sense not to own property. This is especially true in certain parts of the country, and unfortunately, the Mid-South is on the list. If you’re struggling with your home or an investment property is draining you physically, emotionally, and financially – consider these reasons to sell and live more comfortably:
- Pay Off Debt: Selling your home or property will allow you to offload your mortgage payment and possibly pay off other debts, freeing up more monthly income to improve your standard of living.
- Increase Your Nest Egg: Selling your home may allow you to add home equity from the sale to your retirement nest egg. This would create more long-term financial security.
- Gain Earning Capital: Selling your home may give you the capital to start a new venture and create more income.
- Fewer Costs When Renting: Renting is less expensive than owning a home — no property taxes, no maintenance, no repair costs, and lower insurance.
- More Income When Renting: Renting a home instead of owning will help you simplify your life and cut expenses. Living in a smaller space means a need for less furnishings and less worry over the high costs of heating, cooling, and other utilities. Sometimes utilities are even included when renting a home.
- No Home Repair & Upkeep Expenses: When it comes to upkeep, renting is cheaper and easier than owning a home. When something needs repair – you call your landlord and they take care of it. There are no costly plumbing or electrician bills for you to cover. There’s also no costly or labor intensive landscaping or outdoor maintenance.
- Freedom to Choose Based on Convenience & Cost: You have the flexibility and freedom to live in housing most convenient to your current life, not the life you had when you purchased your home decades ago.
- Physical, Emotional, & Financial Ease: Apartments and communities that cater to seniors are on the rise. These housing options provide minimal stairs, easy access, convenient laundry facilities, and other special accommodations to make life easy. Some complexes even have amenities such as shuttles, cafeterias and social activities available for residents.