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Seniors: How to Decide When to Sell
Housing needs change throughout our lives. At first, singles need a place to call their own. Then young families move to get more space for the kids. Later, "first generation" retirees may want less to take care of, and finally "second generation" retirees may need more support and services.
Many seniors stay in their old homes and are perfectly content to be there. Others find their thoughts turning to a new home, perhaps even to a completely new way of life. Still others remain in their familiar homes while they are independent, but plan ahead to move to assisted living housing when they need it.
Here are a few thoughts if you or an older family member has reached the point where a retirement move might be the best strategy.
Are you over housed?
Are you rattling around in your "empty nest", paying more than you want for taxes, utilities and maintenance? If retirement means a cut in income, would a lower priced home, town-home, or condominium be easier to manage on your resources?
Do you need the equity from your home?
For some older owners, the equity build up in a home is their main retirement saving. Sometimes a move is needed to convert that equity into cash and income to be secured for the years to come.
Is the home's upkeep manageable?
Do you have the time, energy or interest to paint, clean, mow etc.? Will the roof need replacing soon, or the heating/AC need repair?
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Copyright ©2007 Peter Kunz. All rights reserved. |
Royal LePage Partners Realty is an independently owned and operated brokerage. |
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