Why Selling Your Home Could Be the Key to a Happy Retirement
Why Selling Your Home Could Be the Key to a Happy Retirement
Retirement comes with much uncertainty. There are many decisions to be made and the free time to overthink. One of the significant decisions people have to make is about their homes. You might wonder if you need to keep your home and stay in familiar surroundings or cash out and explore. There is plenty to do, and to be happy in your retirement, selling your home might be the best choice. According to the American Association of Retired Persons (AARP), nearly 40% – 60% of retirees are not confident that they will have enough money to live comfortably. Selling your home can help fund your retirement in numerous ways, liquidizing cash to allocate towards your savings, buy a new property in full, pay off remaining debts, reinvest into other areas of your portfolio, or use as spending money. (1)
Selling your Home Will Have Immense Financial Benefits
Everyone etching toward retirement will have thoughts of traveling, sitting on porches, playing golf, and hanging out with their grandkids. However, one must have some financial security to achieve this. Homeowners are lucky enough to have an asset that can help them attain this level of financial freedom by selling to Tampa home buyers. The average American has roughly twice as much value in home equity as in their retirement savings. You can free up thousands of dollars a month to steer your retirement destiny by tapping into this equity. Planning well for retirement is crucial, and here is how selling your home can be beneficial.
It Lowers your Monthly Spend
Maintenance is the keyword you should know as a retired homeowner. This can be very challenging and will only increase your costs. In your retirement, you won’t want to have to keep on checking on the upkeep of the house. If your current home requires you to spend a lot of time or money maintaining it, you may decide to sell it and switch to a different space. Selling your home and downsizing is the best option you can make. Trade in your pool, and you will save thousands of dollars more. The average pool maintenance (water, cleaning, and repairs) costs between $3,000 to $5,000 yearly, meaning that in 5 years, you can save $25,000 by using a community pool instead of having your own. Talk to cash home buyers Tampa to get started on your saving journey.
Sell Your Home to Take Care of Debts and Live Debt Free
Many retirees enter that stage of life with debts. Mortgages usually take a long time to pay, and you can escape this significant expense by selling your home. Selling your home will allow you to purchase a less expensive property. That will relieve you of making large mortgage payments with your limited retirement income (investments, social security, and limited withdrawals from savings. Financial advisors have noted that most people don’t want to carry mortgages into retirement. No matter what debt you have, selling your home to home buyers Tampa can help to pay them off.
Leave Your Family with Meaningful Assets, Not a Mortgage
A common notion is to leave your family a good house. However, sometimes that doesn’t work out well. Any debts the house incurs and the mortgage will be passed down to them. Your home could burden your family with monthly payments until they can sell the house. This not only reduces the inheritance passed down but also adds a layer of financial stress to the emotional loss of a loved one.
Cash home buyers Tampa can help you leave your family with a vital asset. You can downsize to a new home and pass it down to your children with a limited tax liability by expressing the property transfer in your estate management.
Lifestyle Benefits of Selling Your Home
When you retire, you don’t want many stressors in your life. You must picture it as your chance to relax and have all the fulfillment you can. Is this tied to selling your home? Most definitely. Selling your home can help you attain the lifestyle you have always imagined for retirement. Once you sell your home, you’ll have several options regarding achieving your desired lifestyle.
Downsize for an Upgraded Experience
Your home could be in a great school district with many rooms accommodating your kids. But you don’t need that anymore. Downsizing for retirement is a logical way to reduce or eliminate your mortgage and lower monthly bills and taxes. This will leave you with more money to deal with. There are home buyers Tampa who can take the financial load of your home from you. You can then use the equity you’ve built up to purchase an inexpensive home.
Move to a New State, Explore, and Save Thousands
Moving out of state is a fantastic way to experience life in a new light after retirement is the best time to go ahead with such a plan. A big move can improve your life, whether for a better climate, lower housing prices, or a different pace of life. Renowned out-of-state retirement destinations gained popularity for their easy lifestyle and low taxes. Moving to a state with lower property taxes can save you thousands a year. For example, your home valued at $630,000 is taxed at 1.73% in Illinois, costing you $9,513 annually; move to New Mexico, and a $630,000 home is taxed at 0.55%, only costing you an estimated $2,457.
Join an Age Restricted Community
Age-restricted communities have several advantages. You will gain a home designed to support you as you age. The social injection is also fantastic, having people you can relate to. There are gated communities for 55+ where you can keep away from the noises of the youth. Sell to Tampa home buyers and venture into a new life.
“Where can I sell my house fast Tampa?” That is a common question people have. Home Options is the team you can count on for a fast, no-obligation offer.
Justin Setzer is a highly motivated entrepreneur with a passion for real estate investing. He is the founder and CEO of Home Options, a company that specializes in buying homes for cash. Home Options helps homeowners who are in difficult situations, such as facing foreclosure, needing to relocate quickly, or inheriting unwanted property.
Justin has several years of experience in the real estate industry and has helped many homeowners sell their homes quickly and easily. He is dedicated to providing exceptional customer service and creating win-win solutions for all parties involved.