4 Reasons to Sell Your House When You Retire
It is easy to think that a house with no mortgage on it is just about the most important possession you could have when you retire. However, that doesn’t mean that you need to keep it forever. If you have never before thought about the possibility of selling it then here are a few reasons why this could be the best move you ever make.
Free Up Money
Probably the biggest reason for doing this is to free up some cash. If your pension fund isn’t big enough to give you the lifestyle you want when you retire then this could be the solution. By downsizing to a cheaper place or looking for a rental property you could sell and be better off. If the current value of your home is high enough when you retire then you will have a lot of flexibility thanks to this. You might go for an equity loan rather than selling it but there is no harm in considering this possibility as well.
Stay with Your Family More
One of the things I have heard a lot of retired people complain about is that they don’t see their family as much as they would like to. Their kids might have gone to a different city or country to live when they started out on their own life but why doesn’t being retired let you go and see them as much as you would like? That’s right; the house is the problem. Having a house ties you one place whether you realize it or not. Let’s just imagine that you have got relatives in different parts of the country. Wouldn’t it be great to be able to ditch your property and go to see them more often? You would always have the option of staying in hotels if you felt that you were overstaying your welcome in their houses. However, just by being close to them you will feel better and be able to arrange some days out with the family.
Live Somewhere Smaller
Another possible issue when retirement beckons is that you could end up rattling around in a property which is too big for you. When the kids are growing up a big house with several bedrooms and some outdoor space is ideal. In fact, it might still feel cramped when it is full of people. When you retire and you live alone or with your partner it can seem huge, though. If it is an older property then the maintenance of it could be extremely time consuming and expensive as well. Selling it would let you live somewhere smaller and more modern while making money on the deal. It might be a wrench to leave the old place but you’ll always have your memories and now another family will get to enjoy it.
Live Somewhere More Exciting
The final point to consider is whether now is the time to live out your dreams of living somewhere more exciting. Many of us move to the suburbs or near to our work when our kids are growing up and we have employment. This makes a lot of sense when you have family and job but what about when you retire? Maybe you have always wanted to live on the beach, in a camper van, in a boat, or in the center of a big city. If you want to try a different way of living then this is the ideal time to do it. Making such a big chance in your lifestyle might sound a bit frightening at first but it could make life fresh and exciting all over again.
Does selling your house when you retire make sense in your case?