If you’re thinking of retirement or have actually currently retired this year, it’s a good time to think about if your current house is still an excellent suitable for the next chapter in your life.
Luckily, you might remain in a better position to make a move than you understand. Here are a couple of things to think about as you decide whether to sell and make a relocation.
The length of time You’ve Been in Your Home
From 1985 to 2008, the typical length of time homeowners usually stayed in their homes was just six years. But according to the National Association of Realtors (NAR), that number is rising today, meaning numerous house owners are living in their homes even longer (see graph listed below):
When you live in a home for a significant time period, it’s natural for you to experience a number of modifications in your life while you’re in that house. As those life modifications and turning points occur, your requirements might alter. And if your current home no longer meets them, you might have much better choices waiting for you.
Just How Much Equity You’ve Gained
In addition, if you’ve been in your home for more than a couple of years, you’ve most likely built-up substantial equity that can fuel your next move. That’s because the longer you’ve remained in your home, the most likely it’s grown in value due to home rate gratitude. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph listed below):
While home price development varies by state and city, the national average reveals the normal property owner who’s remained in their house for 5 years saw it increase in value by nearly 60%. And the average property owner who’s owned their home given that 1991 saw it more than triple in value over that time.
Consider Your Retirement Goals
Whether you \’re looking to downsize, transfer to a dream destination, or just be closer to liked ones, your home equity can be an essential to recognizing your homeownership objectives. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones.
Whatever your home goals are, a relied on real estate agent can deal with you to discover the best alternative. They’ll help you offer your existing house and guide you through purchasing the home that’s right for your lifestyle today.
Bottom Line
Retirement can produce major changes in your life, including what you require from your home. Let’s connect to check out the available homes in our area.
