Selling Your Home versus Staying in Your Home upon Retirement

Selling-Your-Home-versus-Staying-in-Your-Home-upon-RetirementIf the time is coming closer for retirement, you have to ask yourself what your life is going to look like. Do you plan to travel the world? Are you planning on visiting distance relatives more often? Whatever it may be, one important decision that you’re going to have to make caters to your home. What will become of it once you’ve retired and are planning to spend more time away?

Sell Your Home

This is an option that many retirees consider primarily because there isn’t a need for a large amount of space. Additionally, the larger the house is, the more money it’s going to cost you to maintain it. It’s crucial not to waste your retirement funds on a large house if you’re only occupying one or two rooms max.

At a later stage in life, if you own a two-story house or larger, the stairs are going to become more dangerous and will most likely create mobility challenges. If you decide to stay with that home, you may be forced to remodel it in order to minimize risks.

Staying Put

If your home is appreciating in value and the equity is starting to reach a comfortable point, it might be worth holding on to the gem that is your home. Now, this is just a financial perspective. There are several other reasons why you would stay in your current home, one of the primary ones being an emotional attachment. The emotional connection that you have to your house is something that nobody can take away from you. This might sway you to keep your current home and live out the rest of your retirement there, and there’s absolutely nothing wrong with that.

Bio: Kuba Jewgieniew is the CEO of Realty ONE Group. Their revolutionizing business model empowers their employees to reach their full potential in selling quality real estate.