Why You Might Want to Sell Your Home versus Staying Put

Most Americans are struggling with homeownership upon retirement. In fact, many homeowners are pushing back retirement in favor of being more financially sound.

To avoid being stuck in a future housing crisis, many homeowners are electing to either downsize or sell their home to boost their retirement accounts. On the other hand, many homeowners are staying put as the emotional value of their beloved house outweighs monetary gain. Here’s a look at how both options can benefit you.

Selling Your Home

If you’ve owned your home for a lengthy period of time and have built up substantial equity, you could be receiving a large amount for your home.

Homes require maintenance at some point of their lifespan. The older your home is, the more money it’s going to require for maintenance. Also, if you own a large home, utilities cost are going to be using up those crucial retirement funds that you’ve been saving up.

Staying Put

The emotional value of a home can be more than enough for a homeowner to stay put. Now, it’s crucial that you carefully weigh the financial implications of staying in your home. If your home is starting to appreciate in value, it might be best to hold onto it to further increase its worth.

If you’ve lived in your home most of your life, the memories that are attached to it are extremely powerful. If your finances are in order and you’ve built up a lofty retirement account, there’s nothing wrong with staying in your home for the rest of your days.

Bio: Kuba Jewgieniew is the CEO of Realty ONE Group, a real estate brokerage firm that has nearly 5,000 associates in California, Nevada, and Arizona.