Don’t get stuck with your family home in retirement
By Guest Blogger on 16 Jul 2018 in Selling
By Yes! Homebuyers
Retirement. After a lifetime of pressures and responsibilities – school, work, kids, family, more work, even MORE work – it’s our reward for surviving it all. It’s finally a time for ourselves. A time to enjoy all the pleasures and leisure that a day can provide.
However, before you sail off into that golden sunset, it’s very important to have your financial situation completely in order. Nowhere is that more important than in the realm of property, and – specifically – in the idea of keeping your family home.
For those of us approaching a retirement age, it may be very easy to get stuck with your family home. After all, it’s the place with a ton of sentimental value. It’s the place where you’ve made memories, raised a family, held barbecues, hung out and generally had the time of your life for decades.
However, there are plenty of downsides to keeping your family home when you’re in those golden years. Let’s take a look at them:
1. The ‘selling it would be too much of a hassle’ idea
The selling process is – usually – a hassle. You’re in your retirement and you want to enjoy it. Who wants to sit through endless viewings, deal with the machinations of agents and solicitors, haggle over a few bucks, banter back and forth? That’s not a stress you need in retirement, after all. The idea is to get away from stresses so consider using private house sales where you can sell your house fast.
2. It’s a financial drain
The costs of maintaining a large house as you get older can put a severe suck on your resources. Maintaining the garage, landscaping, performing repairs on the house, upkeep – that can all add up. Oh, and of course there are the associated bills – electrical, water, cable, etc that also add up when you have a large house.
Take a read of BEIS data to find out the average UK gas and electric bills per household – it’s not cheap. Along with everything else, there are taxes that can sink a financial situation – the larger and more prominent the house, the odds are that the taxes will be higher.
3. There’s too much space
If you have a house that you’ve raised a family in, by your retirement years it can seem very much like an empty nest. Your children may have moved out, heading to raise their own families by now; room after room may now lie empty, maybe serving as a storage place or a spot to throw an exercise machine in. Why stay in a place that has more space than you need?
Selling in retirement offers an unmatched degree of liberation for this age. You’ll end up with more cash from the sale of your property. You’ll end up with less costs at a cheaper property. You’ll end up with the right amount of space when you ‘downsize’ from your family home and ‘rightsize’ into a property that is more appropriate for your situation in life. Oh, and of course, you’ll have a lot less work to do with your new home.
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