Just like your working years, your housing situation is also a big part of your post-work life. That’s why it makes a lot of sense to figure things out before you start your golden years. Some retirees might prefer to keep their homes, while some might want (or need) to sell them. Here are some signs that you should sell your home before you retire.
You Still Owe Big
Ideally, when you get close to retirement, you don’t want to be neck-deep (even knee-deep) in mortgage payments. If you still owe a lot on your home’s mortgage, it might be a good idea to sell. You could downsize and trade your way into a smaller mortgage and lower monthly payments.
You Have High Property Taxes
As USA Today reports, high property taxes can ruin things in retirement even if you have your mortgage paid down. To make matters worse, property taxes typically only increase as time goes by, so the longer you’re at your home, the more you’ll be paying.
Your Savings Might Not Last
If you’re afraid your savings won’t last through retirement, you might want to sell your home. Selling your home and buying a smaller one could free up money that then can be invested.
You’re Worried About Maintenance
The cost of upkeep can be a factor in deciding to sell your home. If you’re worried maintenance will be a big financial burden, you might want to sell now before sinking more money into repairs.
Original article by Chris O'Shea and adapted in partnership with SavvyMoney.