If you’re nearing retirement, you might be thinking about selling your home and downsizing, but unless you have to for health reasons, should you? Moving is a big ordeal, and it can cost a lot of money. You need to figure out which option; moving or staying where you are, is right for you both money-wise and lifestyle-wise. These are 6 questions you need to ask if you want to move for retirement.
Can I Afford To Move?
Before you get your hopes up about moving, you need to think about how much money you have and how much you can reasonably get for your home. You should also look at the local housing market as well as houses near where you want to buy to see if you can move.
Is It A Good Time To Buy?
Even if you want to downsize, when interest rates are high, it would be less advised to buy a new house and get a new mortgage that you will have to pay off. This is especially true if you have already paid off your mortgage. Fortunately, rates have been relatively low for years and will likely continue the general low-ish trend.
Is My Home A Money Pit?
If you live in an old house and repairs are frequent, it would be better for your budget to move into a new home as opposed to making constant fixes. Repairs and updates can take a toll on both your budget and your physical health unless you pay someone for maintenance.
Do I Want To Be A Homeowner?
Think about if you still want to own a home. Renting requires less maintenance for things like a lawn or electrical issues because the landlord will deal with it for you. The same goes for living with a family member.
If you still want to own a home, maintenance-free may be ideal. Many people choose maintenance-free living in retirement for this reason.
What Do I Want To Do With My Retirement?
If you want to travel during your retirement, then selling your home will free up cash. If you prefer to live near your children, then you should think about living near them. Make your decision based on the lifestyle you want in retirement.
Need Help Selling?
If you’re thinking about selling your Columbus home, contact the Rita Boswell Group today at (614) 547-3229. We’ll help you determine whether selling is the right decision, and if it is, we’ll help you sell quickly for top dollar.
Want to know what your home could sell for right now? Easily get an idea of how much your home is worth with our instant home value estimator. If you have questions about selling your home, please call or text Realtor Rita Boswell at 614-830-9767.