Should You Sell Your Home in Retirement?

When a person thinks about their retirement, they often focus on what they plan to do with their time. However, they also need to determine where they will live out their senior years. Do they plan on staying in the home, or will they downsize to something smaller? A person needs to make that decision during the retirement planning process. What should they consider at this time? 

The Benefits of Selling the Home

Men and women should recognize selling their residence when the market is healthy allows them to accumulate more funds for their retirement. Furthermore, doing so could give them a tax break while eliminating the need to maintain a property. For those who have little equity in the residence, monthly housing costs often drop when they sell their home and choose to rent. 

Savings

Many people lack the funds they need to enjoy their retirement as they desire. Selling their residence provides an influx of cash. However, they must sell when the market is healthy to obtain the highest return. Keep this in mind when deciding whether now is the time to put the home on the market. Look for Retirement Homes Near Me to ensure there will be adequate accommodations once the home does sell, however. No person wants to sell their residence only to find they don’t have somewhere suitable to go. 

Taxes

A person might find they get a tax break if they sell their residence. This could be important during a person’s senior years. As property taxes rise, owners have fewer funds for other purposes. Selling the residence eliminates this tax burden. 

Maintenance

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The older a home is, the more maintenance will be required. Many seniors don’t want to spend their time or money maintaining a property. They don’t need as much space when the children move out, and their hard-earned dollars are going to a residence they don’t fully use. Selling the home and relocating to a smaller place reduces or eliminates expenses for maintenance, taxes, and more.

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Remaining in the Residence

However, some people find they actually save money by remaining in their residence. This depends, in part, on the equity the person has in the home and whether they still have a mortgage. When the home is almost paid off, a person might save by remaining there. They won’t be paying rent to finance someone else’s mortgage along with maintenance and repairs on the landlord’s property. When the home is appreciating in value, many people find they should stay put for a while longer. 

In addition, many people find they don’t want to move. The memories they have of good times in their home provide them with peace of mind. They love where they live and wish to remain there. If they can afford to do so, they should. However, a person should only make this decision after they have considered the benefits of downsizing. This ensures each person is making the right choice for their situation. 

Determining whether a home should be sold during retirement isn’t an easy process. However, this is a discussion people need to have with their financial advisor. Every individual should be permitted to live their final years in the manner they desire. Selling the home may allow them to do so, making it an option that should never be overlooked.

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