Selling your home and downsizing is a great option for many retirees. However, there are many things you have to consider before making a significant decision like this.
Busy Buddies, Inc., a local expert in moving seniors, discusses key things to know if you’re planning to sell your home and downsize.
Take a look at your retirement savings. If you think they need a boost, your home equity might be able to help. People aged 65 or older have on average $200,000 in home equity, which is obviously a significant source of potential income.
Cost of Rent
Research rent prices so you’ll have an idea about your potential expenses. Living in your home, you’re probably used to having fixed monthly costs. These will change when you move. If you rent an apartment, you will have different types of monthly fees than you had when you owned your home.
When selling a home, there are particular expenses that you should prepare for. These typically include closing costs, staging costs and listing fees to name a few. If you want to declutter your home but aren’t sure where to start, consider hiring professionals. You should also set aside money for home inspections, possible repairs and moving services.
Moving around your home and maintaining it can be a challenge as you get older. If you have a split-level home, going up and down the stairs may feel exhausting, even unsafe depending on your level of mobility. When moving to a new home, ensure that it has accessibility features.
Busy Buddies, Inc. is one of the most trusted senior move managers in the area. We offer a range of services including elderly moving, senior moving, and caring transitions. Call us at (703) 828-1833 or fill out our contact form to request a free estimate. We serve customers in Arlington, VA, and nearby areas.