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Should I Sell My Home After I Retire?

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Should I Sell My Home After I Retire?

Nearing retirement is the gateway to a lot of questions that feel like you need to get the answer to right now. What am I going to do to keep myself busy? Should I travel? What will my monthly budget be? 

An even bigger consideration for most people is if they will keep their current house to continue to live in, or sell it to downsize. But which decision is right for you and your family? Here are a few things to consider before you plunge into the market.

 

Benefits of Staying In Your Current Home

1. No Need To Rent

In this current market, selling your home is the easy part. It’s figuring out what to do next that gets difficult. With the market being so hot right now, buying a home, even a small one, is going to cost you. The funds you make from your current home will certainly help, but don’t you want to put that towards your retirement fund instead? Renting is the next option, and if your home is already paid for, this means you’re back to having that monthly expense – only this time, it’s not an investment. Perhaps staying in your current home, at least for the time being, is the best option until the market cools down.

 

2. Emotional Reasons

If you’ve lived in your current home for a while, there might be some emotional ties to it that make it worth staying in for a bit longer. This could be the home you raised your children in, or maybe your neighbors might as well be family at this point. This place is where your favorite restaurant is at, and going to the grocery store is a place where you frequently run into friends. Though trivial, staying in your current home can prevent the unnecessary stress of moving, or having to ‘start over’ that gets many people feeling down.

 

3. Inheritance For Your Family

Many parents consider the investments they make to also be inherited to their children or other family members once they pass on. Of course if you sell your home to buy a smaller one, that can very well be inherited. But if you’re planning to rent after selling, there won’t be a home to give to your family once you pass on. While this might not be a concern to a lot of people, it’s a huge concern for others. 

 

Benefits of Selling Your Current Home

1. Big Return

If you’re in a hot real estate market, then selling your home is probably the top of your list right now, and for good reason. The return you will get on your home is nothing to turn your head at. Those extra funds could be put back into your retirement account, giving you a little bit of an extra cushion to put your mind at ease.

 

2.Buying Your Dream Home

If you’re not attached to your current home because you’ve always had an idea of your dream home, this might be your last chance. And some people go full-force when they retire to get everything they ever wanted. The dream home you had in mind a few decades ago might be different from the one you are thinking of now. Your new dream home very well could be one that fits your current lifestyle a little better. Especially if you’re considering downsizing or buying a newer home to eliminate extra maintenance that comes with bigger and older homes. 

 

3. Relocate To A Less Expensive Neighborhood

Perhaps you only lived where you did because of your job and commuting reasons, but that isn’t a concern anymore once you retire. Relocating to a cheaper area with a lower cost of living and more affordable housing can help you maximize your profits from selling your current home. 

Considering moving from the place you’ve called home for so many years can leave you feeling a bit overwhelmed and down. Retirement can be a great opportunity to start fresh and new, especially if you’re considering downsizing to help with financial freedom, less maintenance and decluttering. Consider the pros and cons of staying in your current home or selling it. While there’s a lot to consider, these few points should get you started to make one of the biggest life decisions. 

Allow Jacob Realty to help you find your dream home, or sell your current home to obtain your new dream home! Serving Victoria real estateBrenham real estateGoliad real estate and the surrounding areas!

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