170: Should You Sell Your Home in Retirement? Five Essential Factors to Consider

Written By Lauryn Creager

SUBSCRIBE TO THE PODCAST

retired… now what?

the critical question many retirees face: Should I sell my home? We explore five key points to consider when contemplating selling your home after retirement. All considerations from meeting with your financial professional to assessing the condition and value of your home when making the decision to sell. Consider the real estate market dynamics and the potential time required to sell your property. Reflect on your personal reasons for selling, such as downsizing from a large family home or moving from a big property to a more manageable space..

Here is a brief takeawy of those 5 essential factors when deciding to sell your home:

1. Figure out current financial net worth: This just means NOT your personal worth. You need to ask yourself what makes sense. 

2. How is the Market performing?? Ask yourself ( OR your realtor! ) if it is a good time to sell… or not! Is your market in a buyers market or sellers market? It makes a huge difference whether or not you should sell.

3. Condition of the home. What does it look like to get your home sold and get the most out of it. 

4. How long will it take to get your home sold. 

5. The reasons why you may need to sell or might want to keep your home. (Property taxes being a BIG factor and cost effector) 

Key Takeaways from episode 170 Be sure to tune into the whole episode to hear it in depth

- Property taxes is a HUGE factor in any real estate decision. Property taxes significantly impact your overall financial considerations when selling your home, as they can affect your net proceeds from the sale. Higher property taxes might make your home less attractive to potential buyers, potentially lowering your sale price. Additionally, understanding your current property tax obligations can help you better assess the financial benefits of selling versus staying in your home.
- may need to downsize. If you are living in a large 2 story home and making it up and down those stairs every day is becoming a struggle, it may be time to downsize! Visa versa… is your family growing and you are in a single or 2 bedroom home… then it might be time to move into something to fit your family needs.
- Reverse mortgage - works with certain circumstances. We won’t go into too much detail because we will have an exclusive guest to go over these specifics in detail soon. Briefly though, a reverse mortgage is a type of loan available to homeowners aged 62 or older, allowing them to convert part of their home equity into cash. Unlike a traditional mortgage, the borrower doesn't make monthly payments; instead, the loan is repaid when the homeowner sells the house, moves out permanently, or passes away. This financial product can provide retirees with additional income while allowing them to remain in their home.

Tune in now to hear more!

listen to the full episode

on your favorite podcast streamer below.



-> Apple

-> Spotify




______________________________________________________________________

Extra Real Estate with Soul Links you can’t miss!

  • Are you SUBSCRIBED to our YouTube Channel?

Subscribe at https://www.youtube.com/c/LoriAlvarez and tell us you did by messaging us on our



  • Felt inspired by this episode? Let us know! We'd love to hear from you by leaving our Podcast a review. And you just might get a special shout-out on the podcast! Thanks for choosing to spend your time with us!

  • Want more behind the scenes?

Like our Real Estate With Soul, The Podcast Page on Facebook

Follow Real Estate With Soul on Instagram

Disclaimer: Please verify all information with the licensed professional of your choice.



Lauryn Creager
Previous

171: Timing Your Home Purchase with Seasonal Trends
Next

169: It’s a Real Estate Showdown: Kendrick vs. Drake