Financial Alternatives to Keeping Your Home Upon Retirement

Holding on to a home because of emotional ties may not be the right decision for you.

retired-couple-beachHomeowners need to invest a significant amount of time and money to ensure that a home is kept in god condition. Now, this is vital for a variety of reasons – the most important being to retain or perhaps increase the value. As your home begins to age, it is likely that it will require more maintenance, which includes everything from roof fixtures, to pipe replacements. These costs could make owning and holding on to a property worth a second thought.

Downsize To a Condominium

One option that many homeowners go with is to downsize to a smaller house. This means that there will be less maintenance due to the smaller size. A condominium can essentially be an attractive option when you want to remain a homeowner, while at the same time limiting your maintenance responsibilities.

So, you can take care of your unit, but the condo association will be taking care of the rest of the repairs. This means that you’ll be paying less out of your pocket when it’s all said and done. It’s a cost effective and low risk investment that could suit your financial and personal needs better.

Renting

You can also go with renting a property as well. While many people may still have varying opinions on renting, because of the fact that it seems like you are throwing away your money rather than putting it back into the house, it also makes sense financially. However, one thing that you should keep in mind is that rent costs can typically go up, which is something that you have to deal with when living on someone else’s property.


Kuba Jewgieniew is the CEO of Realty ONE Group, a real estate brokerage firm with offices in three states and over 5,000 associates.