As “Baby Boomers” are nearing or have already reached the retirement age, one big question arises. That question is: “What do I do with my home?” The answer to that question obviously has an impact on the retiree but it also has ramifications to the real estate industry.
Various factors must be considered before making that decision and among them are:
“Can I afford to maintain my current home?” If you are on a fixed income as most retirees are, that question merits much thought on your part. Somewhere down the road the roof will need replaced, appliances will wear out, as will carpeting and other household items. Taxes and the cost of utilities will certainly not decrease. If any of those situations give you pause, you may want to consider downsizing.
“Will my health allow me to continue with the general upkeep of the house?” No matter your age, the lawn will still need to be mowed, weeds will need pulled, snow needs shoveled, windows will need to be washed, and the list goes on. Many people are able to continue those tasks well into their 70’s and even 80’s. If you are fortunate to retain good health and can complete these tasks then perhaps you can delay your decision, if not, you may want to consider downsizing.
“Do you plan to spend winters in a warmer climate or do you just enjoy traveling in general?” If you plan to live in Florida for 6 months of the year or perhaps take a trip every month or so, do you really need your current home sitting empty for long periods of time?
“What do your kids think about your situation?” Many people hang on to their home hoping or thinking that one of their children may someday want the house. Find out. Ask them. It might not be wise to save your home for the kids if none of them really has a desire or intention to ever live there. Also, if your kids live nearby perhaps they will help with household chores.
The bottom line is you have to weigh your emotional needs as well as your financial and physical abilities as you make your decision. Whether you decide to stay in your current home or decide to call a licensed REALTOR such as those at Coldwell Banker SKS Realty, there is one thing that is most important. You must do what is best for you.
As we enter our “golden years” it is important that we maintain as much enjoyment and comfort as we can. And remember, age is only a number. Baseball legend Satchel Paige once said, “If I didn’t know when I was born, how old would I be?” That my friends, is a great outlook.