The Retirement Home Basics
You have reached the so-called "Golden Years.
" Your children have grown, left the nest and begun families of their own, and you are stuck with a home too big for just you, or just you and your spouse.
The mortgage still has quite a few years on it.
So what now? Selling your home for a retirement home: Selling your home can be of a great benefit for you and your retirement fund; once in your life, you are allowed to downgrade your home and get a smaller one practically tax-free.
There are several restrictions, but the first $250,000-$500,000 profit from the move from your family home into a smaller, retirement home is yours tax-free.
It is a great way to have a little extra cash for investing in retirement solutions, such as bonds or IRAs.
Downgrading your home can not only give you some much needed extra money, but also help to save you on monthly mortgage costs, and will give you a new home that better fits your changing needs.
Options for retirement homes if you cannot sell: In this economy, selling your current home may not be an option.
What can you do? If you have the spare cash, fix up your home to sell before retirement time gets too close.
Remodel your kitchen and fix the siding that has been rotting for the past couple of years.
You may even want to add some additional space.
Updating and making your home more efficient with new appliances and systems will make your home easy to sell, even in a withering home market.
But be careful! You don't want to overbuild your home; make sure your home remains in the price range of the homes around it.
Here are some things you can do that will NOT help the value of your home:
If you can find a family with challenged credit looking to rent, or rent-to-own, your property, you may not have to sell immediately.
The home will continue to give you income and pay for the mortgage this way.
Are you mentally prepared to rent? Realize this will mean strangers living in your home.
Do you have the stomach to interview and possibly evict tenants if the need arises? Be sure to do your homework, and know your rights, as well as the rights for your prospective renters.
If renting your property is an viable option for you, make sure to work all of your numbers as accurately as possible; remember there will be upkeep costs and the mortgage payment to consider as well when deciding on a monthly rent for your prospective tenants.
Whether you choose to sell or rent your home for a retirement home, make sure not to give away your property! Hold onto it, if you have to, to get the price you need to make your move worthwhile.
A little profit will help you to have the retirement and the retirement home
" Your children have grown, left the nest and begun families of their own, and you are stuck with a home too big for just you, or just you and your spouse.
The mortgage still has quite a few years on it.
So what now? Selling your home for a retirement home: Selling your home can be of a great benefit for you and your retirement fund; once in your life, you are allowed to downgrade your home and get a smaller one practically tax-free.
There are several restrictions, but the first $250,000-$500,000 profit from the move from your family home into a smaller, retirement home is yours tax-free.
It is a great way to have a little extra cash for investing in retirement solutions, such as bonds or IRAs.
Downgrading your home can not only give you some much needed extra money, but also help to save you on monthly mortgage costs, and will give you a new home that better fits your changing needs.
Options for retirement homes if you cannot sell: In this economy, selling your current home may not be an option.
What can you do? If you have the spare cash, fix up your home to sell before retirement time gets too close.
Remodel your kitchen and fix the siding that has been rotting for the past couple of years.
You may even want to add some additional space.
Updating and making your home more efficient with new appliances and systems will make your home easy to sell, even in a withering home market.
But be careful! You don't want to overbuild your home; make sure your home remains in the price range of the homes around it.
Here are some things you can do that will NOT help the value of your home:
- Don't add the swimming pool.
- Expensive landscaping.
- Top-of-the-Line appliances; they're usually too expensive to turn a profit.
- Hidden improvements, such as new piping and duct work.
If you can find a family with challenged credit looking to rent, or rent-to-own, your property, you may not have to sell immediately.
The home will continue to give you income and pay for the mortgage this way.
Are you mentally prepared to rent? Realize this will mean strangers living in your home.
Do you have the stomach to interview and possibly evict tenants if the need arises? Be sure to do your homework, and know your rights, as well as the rights for your prospective renters.
If renting your property is an viable option for you, make sure to work all of your numbers as accurately as possible; remember there will be upkeep costs and the mortgage payment to consider as well when deciding on a monthly rent for your prospective tenants.
Whether you choose to sell or rent your home for a retirement home, make sure not to give away your property! Hold onto it, if you have to, to get the price you need to make your move worthwhile.
A little profit will help you to have the retirement and the retirement home