When you reach a certain point in your life, you may have to make the important decision on whether or not you should sell your home. This could be due to any number of reasons, from saving for retirement to financing your stay at a retirement home. While there is no specific age you need to make this decision by, there are signs that can tell you now is the time to sell.
If you are paying more and more every month on utilities, maintenance, and property taxes, you may consider it time to sell your home — especially if this takes a mental and physical toll on you. You should also sell it when the market is healthy, to generate more funds from the sale.
Seniors should also consult with real estate agents to get a good idea of their home’s current value and review a comparative market analysis. You will have a better idea if it’s time to sell when you get this information. In addition to this, it’s important that you factor in your current needs when you think about what housing option will work best.
Once you are ready to sell, you have to make sure that you have your next steps lined up — whether that be having a new place to move into or creating a revised financial plan.
If you are looking for alternate senior housing options, Senior Strong has all the information you might need. Check out the rest of our guides to learn more!
Charlotte Senger is a senior discount expert who handles all financial concerns and ensures that seniors are able to save money. She got her bachelor’s degree in Accounting from the University of Texas.