5 Signs It’s Time to Sell After Retirement
Retirement is the ultimate reward for any hardworking professional. It means more time to spend with those you love, doing what you enjoy most! But when it comes to financial security and maintaining a comfortable lifestyle during your retirement years, planning ahead of time is critical. Moving into a smaller home might be an excellent way to simplify while continuing in your current residence may provide continuity in life that can give comfort - but how do you decide? Understanding all your options before retiring will help ensure that this new stage of life won't come as too much of surprise financially or otherwise so make sure retire smarter by taking control now! Here are 5 things to consider:
1. You need more money.
Selling your home when you retire will allow you to downsize and simplify a bit, which can equate to fewer financial commitments. However, if your home is paid off, selling might also add to your retirement funds, which will allow you more freedom to travel or enjoy the things you’ve been looking forward to.
2. You’re looking for less responsibility.
Owning and maintaining a home requires quite a bit of cleaning, seasonal maintenance, and upkeep in general. When you sell a larger home to move into a smaller space or one with added amenities, like landscaping or housekeeping, you can say goodbye to some of the time-consuming tasks that come along with home ownership.
3. You feel like you don’t fit in.
When you’re a new family and you live in a neighborhood with close neighbors who are at similar stages of life, the sense of community can be amazing. If you grow older and notice that your neighbors seem to be turning over every few years, new families might remain the community norm. If you’ve watched your children grow up and leave the nest, it may be your turn to flock to somewhere new next.
4. Your retirement plans include a lot of travel time.
If your retirement aspirations have you sailing around the world or visiting cities and countries you’ve never seen, it simply might not make sense to hang on to a big home. If you do, you’ll need to hire someone to handle the regular maintenance and upkeep responsibilities. If traveling is high on your retirement priority list, you may only need a small crash pad where you can stay between trips.
5. If you have children, they have moved away.
For grandparents, retirement can mean taking on a new role of spending more time with their grandchildren. If your children have moved away and seeing your grandkids means you’ll need to leave your home for an extended period, it may not make much sense to keep the home you’ve been living in. On a similar note, if your children have moved away and you intend for them to be your heirs, it may make financial sense to leave them a nest egg, rather than a piece of property that is far from them. They’ll eventually have to sell or hire someone to look after the home, which may not be financially worth it.
So what is your next step? You think you’d like to explore this life-changing decision. Now it's time to take into account your current home value, budget and needs before making the big move. Gather advice from knowledgeable sources like family and friends, but also ensure you consult with an experienced real estate agent that can provide essential information about local markets - it might be just what you need for lasting happiness in your new location!
Pam Corning is a local Real Estate Agent with HomeSmart First Class Realty in North Easton, Massachusetts serving the Plymouth County, Bristol County and Norfolk County areas. Pam has been licensed since 2014 and is a member of the Realtor Association of Southeastern Massachusetts. She is Certified through the National Association of Realtors as a Pricing Strategy Advisor and is endorsed through the National Association of Realtors as a C2EX Agent (Realtor Commitment to Excellence). Give Pam a call today for a free, confidential evaluation.
