Forbes magazine has successful and succinctly described people’s reactions to selling
their lifelong home with this statement:
Deciding whether to sell your home when you retire is a complicated
question for most people. You’ve got lifestyle issues on one side of the
ledger and financial realities on the other.
In fact, they reported “a full 83% would prefer to age in place, according
to a 2016 survey from the American College.”
Your home holds the equity to relocate.
Questions to ask when trying to make this decision mostly fall under the
financial need category. According to a study conducted by Merrill Lynch in
2016, “on average, people age 65 and up have more than $200,000 in home
equity. Yet they have less than half that amount in retirement savings, according
to The American College.”
DO YOU HAVE A DREAM?
Have you had a dream of retiring into a retirement community that will be
convenient to your needs? Here in lays your answer: selling your home will assist
you in gaining the necessary funding for your retirement needs, from relocation to
future everyday needs.
Your first step is to have your home professionally appraised in order to see just how much equity your home holds.
Next, with knowledge of your equity amount, together with any retirement savings and/or benefits, including Social Security, you will be able to better analyze your finances for future needs (anticipated and unexpected).
A cost of living calculator can be helpful with this. By creating a future budget of needs, you will better know how much of your retirement funding you will be able to use for your residential needs.
Then, engage a well-informed real estate agent to help you sell your home.A good real estate agent has knowledge of the strategy needed to put your home on the market and to get you an optimum price for your home in th existing market. Experts have suggested that selling your home prior to securing your next residence is the most logistical move. It may be that you will need to secure a short-term rental prior to settling on a permanent retirement setting. A real estate agent is also able to help you with this transition, should the need arise.
Once your home has sold, contact a relocation service, such as Interiors for Seniors, to assist you in both finding an adequate residence for your budget as well as in downsizing and moving your belongings.
Be ready to define the type of lifestyle you hope to find in a retirement setting. Take into account your daily habits and needs when choosing a location, such as family, shopping, medical or religious choice.
It is our hope at Interiors for Seniors to be able to assist you with each of these needs in
order to secure a happy retirement for each of you.
HAPPY HOLIDAYS FROM INTERIORS FOR SENIORS
Call Missy Donaghy with Interiors for Seniors for a FREE consultation 321-279-3301.