Going into retirement is a big change – and can be a very welcomed one as you get to finally relax and enjoy yourself without having to deal with a boss or deadlines. Nonetheless, many people find the transition difficult, as they struggle to figure out what to do with their newfound free time. One of the big questions that come up at this time is whether you should keep your house or sell it. While both sides of the argument have valid points, there are some pretty convincing reasons why you should sell your house after retirement.
1. Downsize And Simplify Your Life
Living on a fixed income can be difficult, and the last thing you want to do is to be burdened by a large house payment or maintenance costs. In the article “when should seniors sell their home?” it’s rightly pointed out that, unfortunately, a lot of people simply can’t cover their monthly payments with their retirement savings or pensions. Downsizing to a smaller home can free up some much-needed cash, which you can use to cover your costs of living in retirement. Additionally, a smaller home will be easier to maintain, freeing up even more of your time. When you go over your finances, if you come to a realization that you’d either have to downsize or change your lifestyle drastically to accommodate your budget – selling your house might be a better option. There’s no reason why you should struggle financially in your golden years when you don’t have to.
2. Move Closer To Family Or Friends
One of the best things about retirement is that you finally have the time to spend time with loved ones. If your family or friends live far away, selling your house and moving closer to them can be a great way to spend more time with them. With some simple tips, you can even make the sale pretty quickly, so that you can start enjoying your time together as soon as possible. Talk to your friends and family and see how they feel about the idea as well, and take time to consider which option would work best for you. While staying close to family has its undeniable charm, you should always keep in mind that they will probably be busy with work and their own families. On the other hand, your friends are probably in a similar situation as you, which means you might have a richer social life if you move closer to them. In any case, selling your home and moving to be closer to loved ones is definitely a viable option to consider in retirement.
3. Move To A More Desirable Location
Lots of people choose their home’s location based on how close it is to their work. However, when you retire, you might want to think about moving to a more desirable location – one that has a better climate or is in a more beautiful area. This can be a great way to spend your golden years, and you might find that you’re able to afford a nicer home in a better neighborhood than the one you’re currently living in. Because of the way the housing market is, the cities and even states with more job opportunities tend to have a higher price tag on housing. Since commuting to work won’t be something you have to consider anymore, you can buy a new home with the money you made from the sale, and move into a house that’s not only in a more pleasant location, but that’s more desirable on its own – and all of that with money to spare!
4. Finance Your Retirement Lifestyle
One of the biggest concerns that people have when they retire is how they’re going to afford their lifestyle. This is especially true if you don’t have a lot of money saved up. One option that you might want to consider is selling your house and using the proceeds to finance your retirement lifestyle. That could mean simply keeping up with the same lifestyle – like going out to dinner in a nice restaurant once a week – and using the money you make from the sale of your home to supplement the expenses of that. Or, you could pursue a hobby you always wanted to try, like golfing or photography – without having to worry about how to pay for it. Finally, if you’ve always wanted to travel the world, but never got the chance to – your retirement is the perfect opportunity to do that! You can use the money you make from the sale of your home to finance your trip and see all the amazing places this world has to offer.
5. Get Out Of Debt
One of the smartest things you can do in retirement is getting out of debt. This can be a bit tricky if you’re living in your home, but it’s definitely something to think about. By selling your house, you’ll be able to pay off all your debts and have one less thing to worry about. As already mentioned, you can buy a smaller home in a better location, and still have enough left over to cover at least some of your debts. The sad reality is, the majority of people living in the US have debt – and that number only seems to be going up. Getting out of debt is one of the smartest things you can do in life, and selling your home is a great way to do that, especially because you probably won’t be able to afford to make your payments as easily once you’re actually retired.
6. Help Your Adult Children
If you have adult children, you might want to sell your home and help them out. This is a great way to show them how much you love them and care about their future. Whether you want to help them out with their downpayment on a home or you just want to help them get started in life, selling your house is definitely a great way to do that. Again, make sure you take care of yourself first. Find a new place where you’d like to live, make the appropriate arrangements, and then see how much you can afford to give to your children. This can also be a great way to prevent any future potential arguments about inheritance since you’ll be in charge of who gets what.
So, there are definitely a few compelling reasons why you should sell your home after retirement. Whether you’re looking to move to a nicer location, finance your retirement lifestyle, get out of debt, or help your children, selling your home is definitely the way to go. It can be a great way to simplify your life and make the transition to retirement a bit smoother.
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Really helpful blog, thank you so much for sharing this. It means a lot to me and my family because my parents are retiring soon and thinking if we should sell our house.
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