Downsizing Your Home During Retirement
They say your retirement years are the golden years of your life. Retirees are getting more out of their retirements than ever before, enjoying the freedom to get more out of life on their own terms. More than half of retirees will eventually decide to downsize their homes so they can focus on the things that are most important.
The decision to downsize is a personal one, and there are several important factors to consider when making it. If you’re thinking of downsizing your Edina-area home but you’re worried about the stress of selling a home, the team at Bill Buys Houses can help. In this blog entry, we’re sharing everything you need to know about downsizing. Give us a call to request an offer and get started on the path to living your best life today!
Should You Downsize?
There are many questions to consider when you’re thinking of downsizing. Most homeowners start with what’s known as a “starter home,” a small house that’s fairly basic. As their incomes increase over the years and their families start to grow, they’ll often move into a larger multi-bedroom home so there’s plenty of room for kids, pets, and guests. As the years go by and children leave the nest, all of that house can start to feel like too much.
While downsizing can be a difficult decision to make emotionally, it can have plenty of advantages. Here are a few reasons retirees often cite for downsizing to a smaller home:
● Desire to travel
● Desire for more free time
● Need to downsize expenses
● More economic freedom
● Mobility issues
● Health concerns
● Easier home maintenance
Challenges of Downsizing
The advantages of downsizing can be pretty clear. But to many retirees, selling a home can be a difficult process emotionally, financially, and physically.
A home that’s been lived in and well-loved for several decades can be filled with warm, happy memories. Unfortunately, most home buyers want a blank slate to create their own new memories in.
It’s also often the case that a well-loved home hasn’t been updated for many years or even decades, which means it will require a sizable investment in time and money to update. Too often, what retirement-age homeowners expect to be a few minor updates can end up costing them tens of thousands of dollars to update. Another challenge retirees encounter when selling their home is unanticipated expenses. They often have to accept that its value isn’t what they anticipated after appraisal.
Here are a few ways those challenges can make placing your home on the market a hassle:
1. It’s emotionally difficult.
If you’ve spent years in your home creating a life with your loved ones, going through the process of listing your home and the roller coaster of waiting for a sale can be extremely hard. Ultimately, that emotional attachment tends to get in the way of good decision-making when it comes to selling your home.
One of the biggest emotional hurdles is having to make renovations and updates to sell a home. Where others see an outdated feature, you may see a precious family moment. Once you place your home on the market, the uncertainty and anticipation can also place undue stress on you. For many homeowners, the opportunity to sell their house fast helps to reduce the emotional stress of the downsizing process.
2. The home needs far too many repairs.
When a home needs a few minor cosmetic updates, this isn’t usually enough to deter buyers. New home buyers often enjoy the opportunity to make a few minor improvements that personalize their home if the price is right. It’s when a home needs extensive repairs that downsizing becomes difficult.
For example, if a home has extensive mold damage or leaks, getting it in sellable condition can be extremely time-consuming and expensive. For homeowners looking to downsize so they’ll have more money and fewer responsibilities, these problems can be an unwelcome surprise. HVAC system replacement, roof replacement, and foundation damage are also extremely costly and difficult repairs.
3. The current market isn’t friendly to sellers.
Maybe your home is in great condition and has been recently updated, but homes in your area just aren’t selling right now. When you’re ready to move on with your life, the last thing you need is to have to settle for a lower bid or wait a year or more for your home to sell.
How to Sell Your House Fast
Your retirement years can be the beginning of your life’s biggest adventure. Maybe you love the idea of moving closer to your children, grandchildren, and extended family. Or maybe you’re ready to embark on a world tour that begins with tapas in Barcelona and ends in the Caribbean.
Whatever your retirement plans are, if you’re looking to sell your house fast without the hassle and uncertainty of markets and repairs, Bill Buys Houses can help. We’ll guide you through the options from “Go,” and you’ll get an offer within two or three days. Most sales can be closed inside of a week so you can move on to celebrating the next stage of your life.
If you’re dreaming of a life well-lived and you’re ready to sell your house fast, Bill and our team at Bill Buys Houses will make the process easy with our friendly, hassle-free process. Get an offer today by contacting us online, or call to request an offer at 651-270-9191.