Selling your home in retirement: How to prepare yourself?
The time for retirement has arrived and you are thinking about moving? Selling your home in retirement is an important step that requires a certain level of preparation but also good thinking. Before selling your home, you have to plan what to do next. Can you still imagine yourself living at home? Is a condo enough for you? What are your future plans ? Taking the time to consider all these questions will then allow you to fully enjoy your retirement!
Prepare to sell your home when you retire
Selling your home in retirement undoubtedly takes a good deal of preparation. Perhaps you have come to this stage in your life yourself or do you have seniors in your circle who are considering selling their property?
An important reflection that is necessary
Before making such a decision, some important considerations are in order. After all, of course, your home has an important influence on your quality of life. It is therefore normal to want to make the best decision in this direction. Here are some criteria to consider for an effective thinking process:
- your budget (income, estimated expenses, RRSP, etc.);
- your plans for the future (leisure, travel, etc.);
- the priorities you want to put forward in your life;
- maintenance costs associated with keeping the house;
- the physical difficulty associated with this interview;
- the importance of the upcoming renovations;
- the resale value of your home;
- the mortgage balance (if applicable);
- and more !
Do not hesitate to seek the advice of your loved ones or specialists to help you in this process. Effective thinking is essential to good preparation for the sale of your home.
The main advantages
Selling your home in retirement is an important decision. While it is essential to be well prepared for this transition so as not to rush anything, of course it has several advantages. Here are a few :
- Relinquish some of the responsibilities of owning a home. This will give you the freedom to enjoy your new retirement life according to your own priorities!
- Avoid costs associated with the maintenance of your property, which is possibly aging. Major, often unforeseen, work to repair or renovate your home can affect your budget and force you to revise your plans. The sale can then save you worries!
- Depending on the estimated value of your home, selling it may well earn you some profit! The capital thus collected thus becomes interesting to achieve your goals as new retirees. This point of course depends on your mortgage balance and the resale value of your property.
Choosing to keep your home when you retire
For some, the best choice may be to keep the house. After all, it is your quality of life that is most important and it is true that you can be so comfortable at home. There is a portion of comfort in remaining in what we have built and consistently brought to our liking over the years. Know that if this is the right decision for you, there are resources available to you if you need it. Thus, even in the event of certain unwanted unforeseen events such as health problems, home help services are available. If the situation requires it, do not hesitate and call Visavie, you can always count on us!
Prepare what to do next after the sale of your home
Being well prepared for the sale of your home involves thinking about the next steps. It is therefore essential to ask these questions and consider a few scenarios. If an elderly person you know finds himself in this situation, don’t hesitate to accompany him in this process. This gesture will no doubt be greatly appreciated as it may be a more difficult transition for some.
Buying a new home?
There are several options available to you when making the decision to sell. Among these is the purchase of a new home. Often, retirees choose to buy a smaller home to reduce the maintenance required. The location of the new house is also a factor in being closer to family or to various services such as access to health care, for example.
Living in a condo or apartment in retirement
Not everyone, of course, will want to take on the responsibilities of buying another home. Renting thus becomes a possible option! Living in a condo or apartment, in retirement, has many advantages. Much less maintenance is required. And the whole thing often becomes safer in the event of concerns associated with certain health conditions. If being in a smaller space doesn’t scare you, odds are you’ll love living in an apartment or in a rental condo. This will allow you to make more use of your time for leisure and perhaps even for traveling!
Prepare for the transition to a retirement home
Another option that deserves to be considered, depending on the situation, is preparing for your transition to a retirement home. This possibility is associated with some fears for some. However, this decision can involve a much better quality of life depending on your needs and priorities. You will have easy access to the necessary services in addition to several activities and leisure activities. But of course, each situation is unique! It is therefore important to assess your own needs and expectations. Whether it is for yourself or an elderly parent who is considering this option, do not hesitate to take advantage of our personalized support services for finding a residence for the elderly. At Visavie, a free support service, available at all times, is offered to you by advisors who will listen to your needs!
No matter where you are, selling your retirement home requires asking yourself the right questions and thinking about your priorities. You will be able to take full advantage of the bright future that retirement life has in store for you!