If you’re a retiree and you’re thinking about selling your home this year, you might want to stop and reconsider. With how things are going in the economy and the housing market, there are several reasons why keeping your home could be one of the smartest decisions you can make this year. Let’s take a look at 18 of these reasons.
A Safe Bet
The economy hasn’t been steady lately, and owning a home will give you a sense of security that you can’t get anywhere else. Why step into the unknown of renting when you’ve already paid off your home? Holding onto your home is one less worry on your plate, and let’s be honest, you can’t put a price on peace of mind.
The Problems of Renting
Speaking of renting, those prices are always going up. If you sell your home and rent somewhere else, you might just pay more for less, so staying in your own place means you won’t have to deal with rent hikes. You also won’t have the hassle of lease renewals or landlord issues.
Your Home’s Value
Real estate tends to grow in value over time, and if you hang on to your place now, it could be worth a lot more down the road. Better yet, there’s always more demand for housing than there is for supply, so waiting could mean your home becomes more valuable in the future. This would give you a lot more financial freedom.
Avoiding Those Selling Costs
Selling a home isn’t cheap because expenses like realtor fees and closing costs can add up. If you stay put, you keep that cash in your pocket, and you can save it or perhaps even buy yourself something nice. Either way, not selling your house will give you more money for other pleasures or necessities.
Tax Break
We all love getting a good tax break, but selling your home might affect any tax benefits you’re getting now. This could include property tax deductions or avoiding capital gains, so staying in your home keeps the tax man in check. And, you can put those extra funds into something else.
All Those Memories
Your home isn’t just bricks and mortar but where your heart is. This is the place where you’ve laughed and maybe watched your kids grow up, and you just can’t put a price tag on that. Why leave all those good memories behind? Keeping those memories alive in the same space can give you a real sense of comfort, which is pretty important during your later years.
Home Sweet Home
There’s something so comforting about the familiar, whether that’s your neighborhood or your favorite coffee shop. Why trade all that in for the unknown? Moving is just extra stress that you don’t need to deal with, and staying in familiar surroundings means you’ll get to keep all those daily routines and local amenities you’ve grown to love.
Keep Your Community Close
Likewise, you’ve probably built a little community of friends and neighbors over the years. As you get older, those connections become even more important, and selling your home means saying goodbye to that support network. Science shows that having friends nearby is pretty important when you’re older, so there’s no point in giving them up.
Custom Fit Your Needs
You shouldn’t start over if you’ve spent years changing your home to make it just right, like getting a stairlift or some grab bars. Those modifications can be expensive and a pain to redo, so you might as well stay where everything’s already set up for you. Not selling your home means you don’t have to deal with the burden of putting them elsewhere.
Passing Down the Pad
Holding onto your home means being able to hand it over to your kids or grandkids when you’re finished with it. This is a piece of your history; keeping it in the family will allow you to continue this legacy. But it’s not just emotional help, as passing your house on also gives them financial stability.
Downsize Drama
When your home still works for you, there’s really no point in downsizing because smaller isn’t always better. Keep the space you love and the room for family visits. More room means you can create more memories, which is especially important during the holidays or when you want space for your loved ones.
Extra Income
You might not realize it, but your home could be a money-maker. You could rent out a room or a basement to get some extra cash, so staying in your own place will give you more than just a place to live. You could turn it into an income source, which can support your retirement funds by quite a bit.
Good Insurance Deals
Staying long-term in your home can get you some reductions on your home insurance, as companies often reward people who have been loyal and have only made a few claims. Keep those premiums low by just staying put. This will reduce your overall living expenses by quite a bit and make your retirement more comfortable.
A Boss at Budgeting
When you own your home outright, you have a clearer picture of your monthly expenses, and the chances of sudden changes are much less. Sticking with your home means you can manage your money without any, or at least fewer, nasty surprises. During retirement, you’ll really count on this financial predictability.
Age in Your Acre
Aging in place is the way to go, and you change your home to meet your needs as you get older, which beats adjusting to a new place that might never feel quite right. It’ll allow you to live independently for longer in a comfortable and familiar place. This is more valuable for your overall well-being than you might realize.
Future-Proofing Your Living Arrangement
Similarly, keeping your home also means you’ll be prepared for future changes, including technological changes. You’ll be able to upgrade your place with the latest in smart home tech to make your life easier and more comfortable. Your home will be ready for today, tomorrow, and the rest of the days after.
Local Benefits
Some local governments give out benefits like tax rebates or help with energy-efficient upgrades to seniors who keep their homes. Moving out means you could miss on these, so why bother? These incentives will make staying in your home better for your finances and the environment, so it’s a win-win situation.
Plan for the Long Haul
We’re all living longer these days, which means your retirement savings need to stretch further, and owning your home outright is a big part of that long-term plan. There’s no point gambling with your future when you can just play it safe at home. Holding onto your house will give you a much better chance at preparing for your retirement.
19 Grim Realities of Dating After 50 That Are Often Overlooked
19 Grim Realities of Dating After 50 That Are Often Overlooked
26 Things That Will Be Extinct Because Millennials Refuse to Buy Them
26 Things That Will Be Extinct Because Millennials Refuse to Buy Them
24 Outdated Slang Terms You Absolutely Shouldn’t Be Using Anymore
24 Outdated Slang Terms You Absolutely Shouldn’t Be Using Anymore
25 Hardest Parts About Getting Older That No One Ever Talks About
25 Hardest Parts About Getting Older That No One Ever Talks About
