Selling Your House When Retiring

You finally retired from your job, and your children have long since fled the nest. That family home could suddenly feel awfully large. Maybe it’s time to sell your home? This could give you a chance to downsize into a smaller space. Depending on your home’s value, and whether you still owe on your mortgage loan, you might even be able to use the proceeds from your sale to buy your new residence in cash. Even if you can’t, you might be looking forward to living in a smaller space that doesn’t require regular maintenance such as a condominium, apartment or senior housing facility. If you’re ready to list your family home after retirement, you should consider selling to Dependable Homebuyers. Give us a call for more info and to speak to a member of our highly trained team.

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You might not need to sell your home quickly. But if the daily maintenance on your residence has become a chore, or if your existing mortgage payments are too high now that you’re no longer pulling in a regular salary, selling a home as quickly as possible for the highest possible price might be paramount. That’s where finding the right home buying company can help. Retirees should interview potential companies carefully. Homeowners should ask the companies to provide a list of recent purchases, along with photos of those homes. The key to selling a house remains setting the right asking price. It can be tempting to list your home at a higher price, but if it’s too high for the market, that listing price won’t attract any serious offers. That is when it is imperative to find a company who understands the value of your home. There are many reasons that you should sell your house when you retire. Below you will find some of these reasons and how our team of experts can make your retirement dreams a reality.

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Reason #1 You Need Money

Studies show that most Americans do not have enough money saved for retirement. If you fall into this category, as so many do, and your house is paid off, then selling can provide you with a comfortable nest egg, especially in our current seller’s market. You may even get more for your house than you currently have in your retirement savings. Investing some of the money can help your savings grow, so they last for the duration of your life. For best results, consider low-risk investments, such as real estate investment trusts (REIT), stocks that pay dividends, or municipal bonds and annuities. By selling to Dependable Homebuyers, you can take the guesswork out of your home purchase. Call us today!

Reason #2 You Can Afford the Moving Expense

While selling your house and moving into a smaller home can save you money in the long run, remember that you will need to pay for moving expenses, which can be pricey. Let’s consider that the average retired couple or individual will hire movers rather than do all of the packing, loading, and moving. The expected cost to move a three-bedroom house runs anywhere from $900 to over $10,000. The further away your new home is, the more costly the move will be, and fees can add up even when you’re staying in the same city. There are cheaper and more effective ways to move. You can ask friends and family for help or hire a company that provides a fair estimate. Also, you can save money selling to Dependable Homebuyers because you can leave as much or as little of your old things behind as you want!

Reason #3: You Want an Upgrade on Amenities

Downsizing to save money doesn’t necessarily mean you have to move into a house without modern amenities. In fact, if the house you’re selling is older, then you might currently be missing out on some newer luxuries like smart home features and open floor design. If your current house is lacking in storage space, don’t make the same mistake twice. Look for a home that has walk-in closets, built-in shelving and maybe even a garage with plenty of room for both cars and boxes of keepsakes. There is no end to the possibilities when moving into a new home!

Reason #4: Aging-in-Place Would Be Too Expensive

It’s understandable to want to grow old or stay in your own home as you age, but doing so often requires making some home repairs, and as you become older, it becomes less feasible and more expensive. For example, you might need to have a ramp built to replace the front stairs in case of mobility issues, add a bedroom and full bathroom on the first floor if it is impossible to climb stairs, make the bathroom safe with handlebars and a walk-in tub and adjust the height of the kitchen sink or even the dishwasher. Staying in your home and renovating your current home could cost $10,000 on average, but can run up to $60,000 if many adjustments and modern accommodations are needed. It can be more cost-efficient to move to a new home that is already set up for someone who is aging or may potentially have mobility issues.

Reason #5: You Hate to Do Yard Work

Watching your kids run through the sprinklers on a hot summer afternoon can make the time and energy you put into maintaining the backyard worthwhile. Once the children are grown, however, all that planting, watering, mowing and weeding can become tedious, not to mention time-consuming. Moving from a large, single-family house to a condo when you retire means no more yard work or snow shoveling. You can take back your weekend afternoons and spend the time at the movies, on vacation, or at the pool with your friends and family.

Reason #6: Your Taxes Are High

If you live in a high property tax state, such as Connecticut or Rhode Island, then selling your house and moving to a state with lower or no taxes, might help you save an abundant amount of money. This can be crucial for those living on a fixed income. An extra $500 or $1,000 per year can make a big difference to your quality of life and the amount of stress that you feel regarding finances. Check the housing costs in your destination state before committing. This money-saving trick only works if the housing prices are equal to or lower than what you are currently paying. Also consider the comparison of cost-of-living expenses like groceries, utilities, healthcare, and transportation.

We’re flexible and close on your timeline. If you need to sell fast then we can close in as little as 10 days!
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Reason #7: Your Community Is Changing

Millennials represent one of the largest generations in history, and now that the majority have joined the workforce, they are purchasing homes, putting down roots and starting to raise families of their own. This means a lot of communities are catering to the younger generations, adding businesses and amenities such as coffee shops, trendy eateries, organic markets, home stores, yoga studios, and indie boutiques. If you aren’t partial to change, or you prefer to be around other retirees, then the transitions taking place in your region might not be to your liking. Be sure to take additional time to research any cities or towns you’re considering to make sure the population, conveniences, and cost of living meet your needs.

Reason #8: You Need Lower Utility Bills

Utilities can use up a large chunk of your savings every month, especially if you live in an area that has extremely inclement weather. Affordability is one of the main motivators of downsizing. You must consider if the running costs for the home, including maintenance, are sustainable. Central heating and air conditioning might be cost-effective when your large house is full of people, but if your kids have moved out and it’s just you and your spouse, that efficiency quickly turns to waste, and you are paying to heat and cool rooms that are not being used. Downsizing can help you save a bunch on your monthly utility bills. Plus, new houses are often built with energy-efficient construction features, including sustainable materials, solar power, state-of-the-art insulation, and additional cost-efficient options.

Reason #9: You Could Make a Profit

If you own your home outright or hold a lot of equity, then selling in the current market could bring a nice profit. The housing shortage across the country has made for a growing real estate market, and home prices have risen by 15 percent within the last year. If you are close to retirement, the monetary gains made by selling your house could help you to secure money for your future.

Reason #10: There’s a Better Climate

Are you sick of the snow? One of the great benefits of retirement is freedom. Along with Florida, you can find warm weather in Arizona, California, parts of Texas, South Carolina and Georgia and many people chose to retire where they do not have to deal with extreme cold. Of course, you should be sure to consider factors other than climate when making your decision. For example, seniors who don’t plan to drive in retirement might want to choose cities with decent public transportation systems. Likewise, if you have a big family across the country, you may want to move somewhere more localized so you can stay in touch.

Reason #11: You Want to Be Closer to Grandkids

If your children and grandchildren live in another state, then retirement might mean selling your house, packing up and moving closer to the family. This can be an opportunity to downsize, such as from a house to a condo, or you might even decide to try renting. One mistake you should avoid is making a quick decision about the future. You want to take time to process what it would mean to move a new location. Snap decisions can result in you not liking the new city or town. Consider taking an extended vacation in the city where you plan to move to make sure that the location is to your liking. Check out the healthcare systems in the area, along with the entertainment scene, local parks, and other services for things that you like to do.

Reason #12: You’re Attracted to Condo Living

Selling your house and moving to a condo can mean ridding yourself of stresses like landscaping and maintenance and gaining a large amount of free time. Because less space means fewer chores, you’ll have more time and energy to indulge in activities you enjoy. Many condo complexes are all-in-one communities that provide new opportunities to socialize and make friends. Some complexes have pools, gyms, spas, community rooms, and even organized outings. A mortgage on a condo is usually less than on a house, so in addition to simpler living, you might be able to boost your retirement savings.

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All in all, whether you plan to spend your golden years traveling the world or settling into a comfortable cottage in a sunny southern state, you’ll need funds to fulfill your retirement dreams. Cashing out on your current home’s equity may well be the best way to pay for it. A house is a fantastic appreciating asset to have, but it’s not a liquid asset. While your house may be increasing in value, it’s not providing you with monthly income, unlike retirement accounts that pay out dividends. In fact, it may be costing you more than you realize. Selling your home to pull out the equity means you can put your best asset to work for you, especially if you put a good portion of the home sale proceeds into investment opportunities, like dividend-paying stocks or annuities. Invested wisely, those dividends can cover your rent and monthly expenses for years to come. Contact our team of professionals today to talk about how you can begin the selling process and how you can make your retirement everything you ever hoped it would be.

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Our goal is to help make your life easier and get you out from under the property that’s stressing you out… while still paying a fast, fair, and honest price for your house.

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