For someone who has been working since their teens or twenties, retirement is a huge achievement. While this major milestone usually comes with plenty of congratulations, cake, punch, and a parting gift, it also represents a tectonic change in your universe. Everything about your life—down to how you spend your days and where you choose to spend them—is likely to be in flux upon your retirement.
Perhaps you’ve been cooking up grand plans for years about how you plan to spend your retirement, and you can’t wait to dive into them. Or maybe it snuck up on you faster than you expected. Either way, there are a number of reasons why retirement might have you considering the possibility of selling your home.
Should I Stay Or Should I Go?
Home ownership is a precious thing, and it’s probably a big part of why you worked so hard for so many years. But now that you’ve hit retirement, does it make more sense for you to sell your home? Below are just a few of the many reasons that doing so might be beneficial for you.
1. You Need The Money
The sad reality is that many people these days, despite working nearly their entire adult lives, don’t have much saved up for retirement. If you fall into this camp but own your home, selling it might be the best way to shore up your accounts and provide yourself with a sizeable nest egg to live off of. It can be hard to part with a beloved home, but financial security in your post-work years is something you simply can’t put a price tag on.
2. You Want to Downsize
Many people reaching retirement age are still living in the homes they shared with their families. This is especially applicable to those who had children who are now grown.
You may find that the size of your house is simply too much for you (and your spouse/partner, if you have one). Whether that means the utility bills are too high or the demands of cleaning and yard work have become untenable, it’s often a better option for retirees to find a cozier home.
3. You Want to Move
Many retirees find that pulling up stakes and moving to another neighborhood or city is what’s best for them. They may desire closer proximity to siblings or close friends. They may want a closer relationship with their grandchildren, or they may just be excited for a bit of adventure. Whether that means traveling the country in an RV or renting in a city they’ve always loved to visit, cutting ties with their current home allows them to make those big moves.
4. You Need a Place More Your Speed
Perhaps your neighborhood has changed vastly since you purchased your home, and you don’t quite feel comfortable there anymore. There may be very few people your age in the area now, or you may find living alone to be too isolating. You may even be in need of some in-home assistance or care, which can be very costly. In this case, moving into an assisted living facility or retirement community might be just what the doctor ordered.
5. Sell Home For Retirement – You Stand to Make a Profit
The Sunshine State remains one of the most attractive places to live in America, and it’s definitely a seller’s market right now. Depending on the condition and location of your home, you could stand to make a significant profit if you choose to sell.
Whether you have a retirement fund or not, if there is major profit in selling your home, consider it. If you don’t need the money to sustain your post-retirement lifestyle, you could easily use it to boost your savings, build your estate, or treat yourself to something you’ve always wanted. After all, you’ve worked hard and earned it!
If you do decide that selling your home is the right move, you can always go the traditional route with a real estate company. But be prepared for additional out-of-pocket costs such as listing fees and realtor commissions.
You could also handle it yourself by going down the For Sale By Owner path, but you’ll need to ensure that you’re well versed in the ins and outs of real estate and be prepared to handle all the legalities and paperwork on your own.
If you’re not interested in doing a ton of legwork yourself or giving any of your hard-earned money to a third party, selling with a reputable cash homebuyer company could be the perfect fit. If you’re ready to sell your Florida home when you retire, contact Meridian Trust today. Our expert staff is ready to help you get the most for your home so that you can get the most out of your golden years.