What do your retirement plans look like? Some people choose to downsize from a big house that was once full of kids and others choose to stay forever.
- If your house is paid off or you have a lot of equity, selling your house could enhance your retirement account. There are times of the year that are better for sellers. Your house may be way too big for you and your partner. You probably purchased the house to accomodate for a larger family. Now you have all those rooms that are only used for the three times a year your family stays over, but you’re still paying to heat and cool them. You also have property taxes! The larger the house the more property taxes you’re paying. It makes you think are you spending your hard earned retirement money on a few extra rooms instead of being on some beach in Mexico?
- There’s also tax advantages. If you’ve lived in your home for the last two out of five years from the date of sale, you can exclude up to $250,000 of the capital gain from the sale of the house if you’re single. If you’re married, you can exclude up to $500,000. Take advantage of these rules when selling. Renting could be a better option for retirement. You no longer have to do any maintenance to keep the house up, no need to pay property taxes, pay less utilities, and you are never tied down! Rent a place for a year and see if you like it, you could always get up and move.
- Avoid paying realtor fees and closing cost, sell to an investor and get the most out of your house.
- Call us today (800) 220-2236!