Selling your house as a 55+ Goldie Oldie (GOLE) is indeed a significant decision, and understanding the costs and market conditions is crucial. Here are some things to take into account before making that fateful decision.
- What Is the Cost of Staying Put?
Staying in your home can be comforting, but it’s essential to weigh the financial implications. Here are some costs to consider:
- Maintenance: Older homes often require more upkeep, and the longer you stay, the more maintenance expenses accumulate. Regular repairs, replacements, and improvements contribute to these costs.
- Recurring Expenses: Beyond the mortgage, there are ongoing expenses like heating, cooling, utilities, trash pickup, lawn maintenance, and TV/internet bills. These costs tend to rise over time.
- Property Taxes: Even if your mortgage is paid off, property taxes continue. Each month as a homeowner, you’re still responsible for property tax payments.
- What Is the Current Housing Market Like?
Understanding the housing market is crucial for making informed decisions. Here’s what to consider:
- Hot Market: In a hot market, demand exceeds supply. More buyers are actively looking for homes, which can lead to a good return on your investment if you decide to sell.
- Cold Market: In a cold market, there are more homes available than buyers. Selling during such times may result in a poor return on your investment.
- Can You Still Move Around Your House Freely?
As we age, mobility becomes increasingly important. Here are some factors to consider:
- Obstacles: Porch stoops, basement stairs, and other features can become challenging for seniors. Tripping hazards like upturned rugs or wet floors pose a higher risk of falls.
- Safety Concerns: Ensuring a safe environment is essential. Evaluate whether your home accommodates your changing needs. Consider handrails, non-slip surfaces, and well-lit pathways.
- Can You Handle Home Maintenance?
Maintaining a home involves more than just cleaning. Here’s what to think about:
- Decline in Abilities: As we age, physical abilities may decline. Routine tasks like replacing light bulbs, air filters, and minor repairs can become challenging.
- Larger Homes: If you have a large home, maintaining it can be demanding. Landscaping, gutter cleaning, and pool upkeep require effort.
Selling your home isn’t solely about finances—it’s also about your well-being and quality of life. It involves various costs, including real estate agent commissions, mortgage payoff, closing costs, home improvements, and moving expenses. On average, you can expect to spend around 5% to 6% of your home’s purchase price on real estate fees and additional costs when selling.
Ultimately, whether to sell depends on your unique circumstances, financial goals, and the current market conditions. Take your time to evaluate all factors before making a decision. 🏡💡