Retirement is now knocking your door. What’s your plan after your long time employment? Would you like to spend your free time to travel or to relocate to an active-adult community?
While identifying these future plans is essential, weighing your financial capacity is also indispensable. Remember that you’re about to stop working and your stream of income is limited so having the means and budget to take the plunge must be available.
Why Should You Sell Your Home When You Retire?
Whatever your retirement looks like, determining whether to downsize or sell your home is a must. Some Americans choose to sell their houses and take a different route while others would to live and stay forever .
If you are not sure why you should downsize and sell your home when you retire, here are four ideal reasons you must.
1. You’re paying Hefty Sum of Property Taxes
Depending on where you reside, you may be charged a hefty amount for your annual property tax. If you plan to move to another cheaper state, you will surely save around $15, 000 yearly.
If you’ll transfer to West Virginia, you’re going to save much compared to staying in the same type of home in New York.
Think about this. Staying in the same state for the coming years would cause pain in the pocket. Save yourself from big taxes and live an ideal and stress-free life after you retire.
2. Your House Needs Repairs
If your old house needs frequent repairs and revamps, the upholding cost can roughly cost you double. Here are 10 common things you should prepare in your house.
Doing DIY repairs is also a hassle. In other words, maintaining your ancestral house isn’t worth your time and effort.
Why not transfer to a newer property that needs less maintenance? According to the National Association of Home Builders, most homeowners, who decided to move to turnkey property, only spend below $25 for routine repairs.
You will surely get surprised of your savings when you leave your old and wrecked home for a new and turnkey one.
3. Your House Requires Regular Maintenance
Aside from doing regular repairs, you are also responsible for doing the regular maintenance of your house. This includes shoveling the snow, cleaning the gutters, and mowing the loan.
If you’re tired of being an owner and doing all these manual labors stress you out, you may want to transfer to an apartment where the property management or landlord is responsible for these chores.
4. You Want a New Lifestyle
Have you already foreseen your retirement lifestyle? Some homeowners take this chance to travel. If you’re one of them, think in advance.
A travel vacation requires money to pay for your expenses. One of the options you can do to free up cash is to sell your home.
Read: 9 Best Countries to Spend Your Retirement 2016
However, before you make your house for sale, review your and calculate your living expenses. How much have you spent for the past 12 months? Once you have identified your everyday expenditure, sum it up with the supplementary budget you need for your travel.
Estimate your future expenses so you won’t get short of the budget while you’re on the trip.
While it’s hard to leave the home where you spend almost your lifetime, stabilizing your lifestyle make sense especially now you are about to retire.
Selling your home is the ultimate option. Learn the perfect time to sell your house here to get its best value. If you want to sell your house fast, call The Cash Home Buyer.
Call The Home Buyers to get a free quote for your property. We understand that you want to retire with a pocket full of wealth. We are here to buy your house and send you the money just in days.