Outlining the real estate needs for a couple or a person that is retiring, is very close to my heart as this is a phase in life I am presently going through myself.
The main questions is:Do I really need to move out of my current home?
5 TIPS TO CONSIDER
- Maintenance: Consider the work that either you need to do for your home, or pay a third party to keep up. Maybe what you used to easily do when you were younger, it is now becoming harder to accomplish. Maybe the expense of paying a third party was easier to afford when your income was steady and vast, but now with a fixed and tight income, that expense becomes harder to afford and/or justify. Think of yard work, house cleaning, hurricane shutters, etc.
- Taxes: South Florida property taxes ARE expensive. These taxes fund schools, public roads, medical services, libraries… Maybe you need to live in an area where taxes are more affordable. Your interests have now changed, living close to a great school is not a priority anymore, now you give greater importance to transportation and healthcare.
- Handicap Accessibility: Just getting real here, we are not spring chickens any longer! We have pains we never had before, and we do not have the energy we remember having when we were younger. We also know a visit to the doctor will not necessarily make it better, and we KNOW time will only make this worse. The question to answer is: do I really need to keep this home with a second story when my knees crack every time, I go up the stairs? Wouldn’t it be nice that my home is comfortable not only to me but also to my friends who are also going through the same changes I am?
- Financial: I feel accomplished and proud that throughout my life I have made decisions that have helped me move up and better my position. However, making this decision feels different, there is no margin for error. It will be very important for me to receive the best benefit necessary from the sale of my house, to add it to my nest egg. The result of this transaction will ultimately make a real difference in the overall lifestyle of my retirement living. I must ask the question: Is the market good to accomplish my goal? Is my house in shape to be sold? At the time I am writing this article, the South Florida real estate market is thriving. It is a seller’s market. I see it day after day when sellers bring their homes to the market, and the house is ready to sell, they get the asking price in less than a month. The market is ready, making your home ready is a very personal goal, but knowing how real estate does have ups and downs, you should not wait too long!
- Downsizing: This is not a bad thing! I know the melancholic feeling triggered at the thought of leaving the house you saw your kids grow into young adults, where the frame of the door has a growth chart, and you just don’t want to paint over it! At the same time, your kids are gone. Now you have more time to spend it doing what you like. You contemplate traveling, or doing that hobby that you have been procrastinating about because there was never enough hours in the day. It is time to let go of unnecessary responsibilities, to nurture your soul.
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- When thinking about retirement, your real estate decisions will be a deal maker or breaker. Do not leave your future to chance, when contemplating your next dream home. Having a real estate professional on your side may just tip the odds in your favor.