Top 5 Reasons Why Seniors Sell Their Homes
Are you a senior or do you know a senior who is thinking about selling their home? Many elderly are undecided about the topic, yet an increasing number of seniors are selling their houses.
This article identifies the major reasons seniors today choose to sell their homes and why it is a smart option to help with the decision to sell or not to sell.
LIVING ON A FIXED INCOME
Every day, you read about how more seniors are finding it difficult to live on a limited income since Social Security benefits do not meet monthly expenses. Pensions are all but gone in the United States. Over the last few years, retirement funds have suffered massive losses.
All of this adds up to a monthly expenditure deficit. More and more older citizens are selling their houses in order to cash out their assets, augment their monthly income, and live a far more comfortable lifestyle.
HOMEOWNERSHIP EXPENSES
Let’s admit it: owning a home is an expensive endeavor. Mortgages are expensive, and refinancing is difficult, if not impossible, with a low monthly income. Reverse mortgages do not offer enough to cover the monthly income shortfall.
Even if you don’t have a mortgage, the price of property taxes and utilities may quickly mount up. Seniors have discovered that the prospect of staying in their lifetime home no longer holds the same allure it once did. Seniors who sell their houses and downsize reduce their homeownership expenditures while increasing their monthly cash flow.
MAINTENANCE AND REPAIR
Houses are always in need of maintenance and repair. Paint, landscaping, and household repairs all add up to more than pocket cash. Then there are the big-ticket things that, over time, will require care. Roof replacements, HVAC replacements, garage doors, appliances, and hot water heaters are all quite expensive these days.
With less to maintain and repair, seniors reduce their financial risks linked with home upkeep and repair and find it simpler to live within their means.
PHYSICAL CHALLENGES
All of the above-mentioned maintenance and repair tasks might be physically demanding. Cleaning a large house becomes increasingly difficult with each passing year. Another reason elders are selling their houses and moving to a less demanding living setting is to spend less time on tremendously strenuous chores.
LIVING ON YOUR OWN
An empty nest may be lonely at times. Not only is that much square footage expensive to operate and maintain, but it also makes little sense to many seniors these days. Many people are choosing to migrate to a place that provides possibilities for socialization with other members of the community.
If you are nearing or in retirement and want to learn more about your choices for selling your existing home and moving, please contact us immediately! Ask us anything about senior services or request a complimentary consultation.
