Aug 31, 2016
Carefully plan out your retirement to maximize your financial standing.
There have been many opinions when it comes to retirement throughout the years. Many financial advisors have told their clients to sell their home come retirement. Now, this will allow them to significantly boot their retirement income, but then there’s the human aspect that comes with it too. The impact of having to sell something that has been in your family for years on end isn’t an easy thing to do. Rather, there are other ways that you can fund your retirement account without having to sell your beloved property.
Look At the Bigger Picture
Even if you have noticed that your home has gained a substantial amount of value over the years, remember that every situation is fundamentally different. This being said, you should base your decision off of personal preference. Money has been a primary factor when it comes to a successful retirement. But you need to ask yourself, is it really what you want to do? Don’t just sell your home right off the bat without putting much thought into it. If it holds emotional value, you don’t need to part with it. There have been many successful retirement stories where the retiree keeps his or her house and stays in good financial standing. Sometimes, the cash doesn’t always speak in the bigger picture.
The Bottom Line
Every homeowner’s situation is different from one another. Don’t hastily make your decision before truly sitting down with your family and discussing it. By rushing things, you’ll only make a decision that you’re going to regret in the end.
Kuba Jewgieniew is the head of Realty ONE Group, a real estate brokerage firm that has offices in California, Nevada, and Arizona.