There is a lot of emotional attachment in homes where we have created valuable family memories. It also makes it difficult when circumstances force us to make decisions. However, it does not need to be this way. There might be ways that are more beneficial for you. Here are five things that will help you decide if it is the right time to sell your home.
- Do you have financial need? – If you are facing a savings gap, it might be advisable to sell your home to use the profits on a smaller place. Selling might lower your cost of living but it is important that you move into a location and home that will require you to spend less.
- Can you afford to stay in the home? – It is important to evaluate the moving expenses first. Besides property taxes, homeowners insurance, utilities, and routine maintenance, you could get unexpected repair expenses. Are you able to afford this?
- Would a reverse mortgage benefit you? – If you are a homeowner age 62 or older, you might be able to receive some of your home equity as a lump sum or a line of credit. This could allow for you to remain longer in your home.
- Is your health declining? – Do you find yourself depending on others more than usual to take care of your health? This might be a hint that you either need to have someone move in with you to help with your health needs, have some modifications done on the house, or sell and move to a place that is safer for you.
- Is the house right for you? – Have your children moved out and the house is too big f now? Are you living in a two-story home and have a hard time going up and down the stairs? Does it require too much maintenance?
Whether you choose to sell your home or age at home, there are various resources available to you to help you choose the best option for you. Make sure you surround yourself with a caring support system. And, remember you can always contact me to help you how to reach the best decision for your individual circumstances.
Lupe Ruiz 