As we move into 2022 the annual home assessment came in the
mail. In my area, it is impossible for young people to be able to buy a house as
property prices rise. I thought prices were holding steady, but I was wrong. My
property values increased by three times what I thought they would.
I know that many seniors think about downsizing and my wife,
and I have talked about it. However, this may not be the best choice. Timing is
very important when it comes to selling your home, and so is assessing the real
estate market in your area before deciding. You don’t want to sell your house
when the housing market is going down since it could mean losing thousands of
dollars you wouldn’t lose if you just waited. If the market is going up then finding another home will be a problem
Additionally, there are other good reasons to wait. A big
home can generate plenty of income if you rent it out. You can then use this
income to rent a new place in your target retirement community before actually
buying. This will allow you to experience what living in the community is like
before committing, plus you’ll probably be paying less rent than what you’re
earning from your home, so you’ll also end up generating extra income that will
beef up your retirement fund if you save it.
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