Should You Sell Your Home When You Retire?
Posted by Garman Group on
You may have friends or relatives who have recently retired and sold their homes shortly after retiring. Perhaps they downsized to a smaller house or condo or decided to buy an RV and travel the country. Both options sound great, and it may be tempting to do the same.
But is selling your home after retirement right for you? We’ll help you weigh the pros and cons.
You’ll Make Money. Unless you planned really well for retirement and/or your pension is in excellent condition, chances are you’ll have fewer funds coming in after you retire. Real estate may have been your only investment. This could mean you may have trouble affording the mortgage if you still have one or the upkeep of your home. Selling your house to downsize will make you a bit of money and will hopefully get you in a place you can better afford.
And don’t forget about hydro, water, property taxes, and other costs that come along with owning a larger house. Living in a smaller home would very likely cut these costs considerably.
You’ll Have Less Maintenance. If you still have your five-bedroom family home, there’s a high likelihood that you have a lot of empty bedrooms now that your kids are adults. A big house can be a lot of upkeep for an aging person. Downsizing to a smaller home or condo will allow you to spend less time cleaning and performing overall maintenance.
You Have Mobility Issues. If you currently live in a home with more than one storey, getting up and down the stairs may have started to become a pain — literally. So, it may be worth considering a move to a single level home or condo.
You Can Try Out a New Neighbourhood. Maybe there’s a part of town — or even a different city — you’ve always wanted to live in. Maybe you have some new activities or family members you’d like to live closer to. It’s even possible you may want to move somewhere much smaller and take some time to travel. Selling your home will free you up to look at real estate anywhere you want.
You Have Family Who Visits Often. Do you look forward to your kids coming home with your grandkids several times a year? Is Christmas time at home a family tradition? Do you play host to out-of-town best friends who swing through town often? If your home is a central location for many to visit, and you love to play host, keeping the 5-bedroom home may be the best choice.
And you may even have a child who has returned home to live after a divorce or to return to school. You’re not obligated to put up an adult child indefinitely, but if the arrangement is working, why rock the boat?
You Don’t Feel Ready. This is probably the most significant thing to consider. Don’t listen to what others are telling you to do, or even what you think you should be doing. Even if the market is in an excellent place to sell, if you’re not ready, then wait! Think only about what you really want to do.
Your home likely holds a lot of great memories for you, and if you don’t feel ready to sell your home — don’t!
Have You Talked to The Garman Group?
If selling your home is still a consideration, you may want to start by obtaining a free home market evaluation. This may help you make a decision. And if you have any more questions or want to put your home up for sale, we can help you take the next steps. Contact Garman Group today!