If You Are Selling Your Home – Consider Downsizing & Saving Cash
OK, so your kids have moved on and you are feeling like you and your spouse are just rattling around in your big house. Should you decide to sell your home, consider downsizing to a smaller home and saving money! You could take vacations, place the extra money into your IRA for retirement or save it for a rainy day if you need medical care, assisted living, etc. If you are on Medicare or VA benefits, the slight upswing in income might have a slight impact but it shouldn't be much and if you are over 66 and collecting social security, it can't be touched. Just stay up on the regulations of capital gains tax and other tax-related laws.
Owning Your Home:
If you paid cash for your new home, you won't have a mortgage and this will let you tap into your home's equity with a reverse mortgage when you need it. Again, downsizing has many excellent benefits.
Lower Your Utility Bills:
The advantage to a smaller home is your utility bill. You will pay less for air conditioning, heating, and your property taxes will be a great deal less!
Easier To Care For:
A smaller home will have less space to clean and therefore you don't have to spend the entire weekend cleaning! Also, chances are, you will have less lawn for mowing!
Are You Ready To Upgrade Instead?
Maybe you have spent most of your adult life in a relatively smaller home but have discovered over those years you have accumulated so much stuff! You have boxes of your kids' toys or other memories you just don't want to part with. Getting into a larger home will allow you to keep all your memories including souvenirs from your travels.
Better Accessibility Features:
You might want to look for a home that has added features for retirees. There could be wheelchair ramps, safety bars for bathtubs, and lighting for aging eyes. While these features might not be something you are concerned about now, maybe 10 or 20 years from now it would matter.
Looking For A Nicer Neighborhood:
Realtors know location, location, location is everything! Moving to an upscale neighborhood will give you more peace of mind and a better way of living. Also, it will lead to a higher resale value when you are ready to move in with family, or a retirement community. Maybe you would prefer to roam the country in your new upscale RV!