Are you a senior or know of a senior who is considering selling a home? Many seniors are indecisive about the topic, but more and more seniors are selling their homes.
To help with the decision to sell or not to sell, this post reviews the top reasons seniors today are choosing to sell their homes and why it is a good decision.
1. Living on a Fixed Income
You hear about it in the news every day—more and more retirees are finding it difficult to live on a fixed income, Social security benefits don’t cover monthly costs. Pensions are all but gone in America. Retirement savings incurred huge losses over recent years. It all adds up to a shortfall in covering monthly expenses. More and more seniors are selling their homes because they can cash out their equity, supplement their monthly income with the proceeds and live a much more comfortable lifestyle.
2. Costs of Home Ownership
Let’s face it, it costs a lot of money to own a home. Mortgages are expensive and, with little monthly income, difficult if not impossible to refinance. Reverse mortgages don’t provide enough to close the monthly gap in income needs. Even without a mortgage, the costs of property tax and utilities alone add up. Seniors have realized that the romance of living in their lifelong home doesn’t hold the luster it once did. By seniors selling their homes and downsizing, they are reducing the costs of homeownership and adding to their monthly cash flow.
3. Maintenance and Repair
Homes are constantly in need of maintenance and repair. Paint, landscaping, fix-it jobs around the house add up to more than pocket change. Then there are the big-ticket items that after time need attention. Roof replacements, HVAC replacements, garage doors, appliances, and hot water heaters cost big money these days. With less house to worry about, seniors are reducing their financial risks associated with home maintenance and repair and finding it easier to live within their means.
4. Physical Challenges
All of the maintenance and repair items mentioned above can be physically taxing. Just cleaning a big house becomes more challenging with each passing year. Spending less time with physically demanding chores is another reason seniors are opting to sell their homes and are finding a less demanding home environment.
5. Living Alone
An empty nest can feel pretty lonely at times. Not only is all that square footage expensive to operate and maintain, it just doesn’t make much sense to a lot of seniors anymore. Many are opting to relocate to a community that offers opportunities for socializing with others in the community. Areas like Portland, Oregon are full of optional living situations for retirees from all ages and all walks of life.
Some seniors don’t look forward to selling their homes just because of the hassle of listing it with a realtor, having to fix the house up to get it ready to market, and countless interruptions for showings to prospective buyers. Selling a home for cash avoids all those hassles. The house can be sold in “as is” condition and it can be sold very quickly—no renovations, no showings, no commissions, and no waiting. The sooner seniors can cash out their equity, the sooner they can improve their lifestyle and start living in comfort.