One is a guy we'll call Joe. According to hypothetical retirement analysis conducted by Kiplinger, a leader in personal finance news and business forecasting: “Renting tops buying in the short run. She expects to sell her home for $800,000. Deciding if it’s better to rent or buy a house after retirement requires careful planning. According to Zillow research, sellers who hire professionals to help with their pre-sale prep work spend an average of $6,570, which includes things like painting, staging and lawn care. If your current mortgage is fully paid off, you may even skip selling. You can even try out different cities with short-term leases or take extended trips without worrying about your house sitting empty. © HomeLight, Inc. 100 1st Street, Suite 2600, San Francisco, CA 94105. It is for information purposes only, and any links provided are for the user's convenience. The idea of putting your hedge trimmer and snow blower away for the last time. But renting in retirement could end up being more expensive than aging in place in a paid-off home, where you’d be responsible for just yearly property taxes and maintenance. If you can’t afford your home’s monthly costs now that you don’t have a steady income, it may be the right time to sell. A large single-family home requires a lot of maintenance, so many retirees decide to move into a smaller apartment or condo so they can spend their free time on other hobbies. Once you know that, you can tackle the decision of whether to buy or rent. Then, while you’re touring the world, you can temporarily lease the property to cover the mortgage. The analysis showed that renting was a better financial option than buying for the first ten or so years after downsizing. I currently rent a home for $875 per month (low for this area because I have been in this location for 9 years). With the help of an agent who also does leasing and basic property management, you can find tenants to rent your existing home at an amount that will cover living expenses in a retirement community. Zillow defines empty nesters as homeowners who are 55+, have lived in their current home for 10 or more years, and have no children of any age living at home. You know you’ll be moving at some point to cut back on space and the demands on your time and body, one way or another. Even without a mortgage payment, the expenses associated with owning a home add up. However, if you sell the property within your lifetime, according to the IRS, you’ll likely qualify to exclude up to $250,000 (or up to $500,000 on joint spousal filings) of the home sale price from your income. Renting out your home means you’ll effectively become a landlord, unless you hire someone to manage the property for you, but you will still own the home. Urban apartment living is a real option for seniors who want to ditch their snow shovels and lawnmowers when they retire and take advantage of all that cities can offer. Get free, objective, performance-based recommendations for top real estate agents in your area. For that you’ll need the help of a top-notch real estate agent with experience in retirement planning—because your home may be worth more (or less) than you think. Don’t forget to factor in any remaining mortgage balance, and be sure to account for commissions, closing costs, repairs and buyer concessions. Retirees sometimes find themselves wanting to move to pursue interests like golf or skiing. Does it make sense to rent in retirement? Renters insurance is much less expensive than homeowners insurance, especially if you’re thinking about living near the beach, where homeowners are required to have flood insurance. Fluctuations in market value, unexpected maintenance expenses, … Wow, I found this blog and what a joy to read your stories. Former art and design instructor Christine Bartsch holds an MFA in creative writing from Spalding University. If necessary, Samantha would sell her house and invest the net proceeds to supplement her retirement income. This decision is an important one as housing often makes up about 30% of retirement expenses. By Jason Heath on September 20, 2016. The content on this site is not intended to provide legal, financial or real estate advice. As a homeowner, you naturally think of buying again — a house or maybe a condo. Rather than getting intimidated by how much income you’ll need, think about it in terms of what income you’ll have from your current assets. Better Business Bureau. There’s also less maintenance to do, and unexpected costs are limited. If you’re nearing retirement or already there, you may be trying to decide between selling your home or aging in place. Or you may want to move near the beach or to a more pedestrian-friendly neighborhood. Here are some of the common reasons why people in these demographics decide to sell in retirement. You've decided to sell your house and move to something smaller or to another town. When you’re not the owner of a property, you’re no longer the decision-maker. According to our latest rental market report, median rent rose 2.6% ($38 based on median rent) year over year, reaching $1,477 in April of February 2019. The amenities. HomeLight’s Simple Sale tool lets you compare instant cash offers from our network of pre-approved buyers along with an estimate of what a top real estate agent can sell for on the open market. Finally, while selling is a good way to fund the fulfilling of your fantasy bucket list, some might argue that you’re doing so at the expense of having an tangible asset to pass down to your children or heirs. You may feel nostalgic about the neighborhood you live in, especially if you raised your kids there. 46% of retirees own their homes free and clear, and could feasibly use the proceeds from selling that home toward the purchase of a smaller, more manageable residence outright. If you do need to sell you are at the mercy of realtors, buyers, and market conditions, plus selling takes time and effort. For more information on how we can help you, contact us today. … Local market conditions for rental homes. From property taxes to maintenance to insurance, owning your own home can cost more than renting. How to Navigate This Major Housing Decision, How to Sell Your Eccentric Charmer of a House Fast in New Orleans, Renting also offers you some flexibility in housing styles. Before you wistfully lock into an iron-clad lease, review the benefits and drawbacks of this decision carefully, and trust this guidance from top real estate professionals who offer an objective, informed perspective on both sides of the aisle. And, although you’ve been a homeowner for decades, you just might be OK with never having a mortgage again. But should you? According to our latest. Retirement communities or planned communities for seniors can be a great place to connect with other people in your same stage of life or with similar interests. Nationally, the best time of year to list your home is a Saturday in the first half of May. Rental properties can add an extra stream of income to your retirement portfolio. When Jane Bennett Clark, 64, thought about downsizing in advance of retirement, she imagined selling her four-bedroom house in Takoma Park, … Selling your home to pull out the equity means you can put your best asset to work for you—especially if you put a good portion of the home sale proceeds into investment opportunities, like dividend-paying stocks or annuities. Move when you're ready. There are lots of factors to consider when making the “sell vs. rent my home” decision, including: Your financial situation. Unlike a fixed-rate mortgage, your rent can (and likely will) fluctuate yearly, based on the market and your landlord. According to Nile Lundgren, a top New York agent and Bloomberg TV commentator, who was named Executive of the Month by the New York Real Estate Journal: “It’s really important to understand where the market is in comparison to what your expectations are. Depending on your arrangement with the tenant, you could even keep many of your things in the house — this removes the need to rent … You’ll have to be willing to part with your old home and instead keep the memories. Selling your home and moving to a rental can free up the equity you have in your home, which you can use to fund monthly expenses throughout your retirement. If your home is eligible, we’ll give you a cash offer. It’s also important to look at how homeownership impacts your Social Security benefits. He e-mailed a short while ago to ask for some feedback on his idea of selling the family house … Many argue that it’s best to own a home in retirement, but home ownership isn’t for everyone. Or you can reinvest in another type of investment that will provide a good return, while keeping your money accessible if and when you need it. Here’s How Much Money You Need to Build Your Dream Home. It can take time for a community to feel like home. Instead of selling, you might want to leave the family home to your children or grandchildren someday. Posted on August 21, 2018June 22, 2020, Retirement’s so close you can taste the salt of a margarita and feel the breeze of the ocean on your skin. Moving even a small distance could lower property taxes or put a retiree closer to newly desirable amenities such as a senior center. Downsizing into a smaller home, like an apartment, can save money in monthly housing costs, utilities and furnishings. When you’re renting, your landlord often takes care of most maintenance tasks. When you’re paying off a mortgage, you’re investing the bulk of your monthly housing costs into an asset that you own. That’s a lot of money, but luckily everyone’s retirement needs are different. Simply put, if you don’t sell your home after retirement, you’ll be spending more in expenses than you need to—all while sidelining your most valuable asset. If both structures are worth 250k you could knock $9090 off your top line income just with depreciation and say expenses of would be about $2910 just to make the math easy, if you are in a 33% fed and 5% local the tax savings are $4560 alone. For some people, selling the house is a necessary way to help fund their lifestyle in retirement. Curious how much you stand to make selling your home? The thing is, there is time when growth is the most important goal and there are other times (such as during retirement) when income is more important. Make sure to factor these additional costs into your monthly budget. Reasons to Sell a House During Retirement For many retirees, the opportunity to save money drives a decision to sell their house and rent. Then you’re free to invest the rest of your equity into low-risk investments that pay out monthly dividends that will cover your mortgage and then some. Unfortunately, there is a downside to selling your home and renting when you retire. Just consult a tax professional about the capital gains tax implications for people who inherit homes. In order to use your home as part of your retirement income strategy, you must be willing to tap into its equity. Return to Zillow.com. But that could be speculation. Find top real estate agents in these similar cities, HomeLight has an A+ rating with the Learn what I’ve discovered throughout the years of selling my clients’ houses quickly to net them the most money. When you rent an apartment, you’re not tied to your house for the long term. "Usually, people who are nearing retirement and selling their houses have already paid off the mortgage," she points out. Baby boomers are a bunch of house huggers, but there are exceptions. You can … Austin’s, Zillow Group Consumer Housing Trends Report 2018, What Makes a Good Real Estate Agent for Home Sellers, How to Sell a House As-Is When It Needs Repairs, Real Estate Photography Tips for Home Sellers, For Sale by Owner (FSBO) vs. Real Estate Agent. If you pull equity out and invest it, those dividends may increase your income which may in turn reduce your benefits. Hire a real estate agent or, Nationally, the best time of year to list your home is a Saturday in the first half of May. Header Image Source: (Lightspring/ Shutterstock). Your future housing plans. Unless your children are willing to move into your home for at least two years after inheriting it, they’ll be stuck paying a hefty capital gains tax. Launching her writing career in 2007, Christine has crafted interior design content for companies including USA Today and Houzz. by Christine Bartsch There are, of course, the practical considerations—the kids are grown and flown, you start to realize that the “forever” home where you raised your family isn’t quite right anymore. Instead of selling, you might want to leave the family home to your children or grandchildren someday. If you’re a longtime homeowner, you’ll want to remember what it’s like to be a renter and get used to this lifestyle change. However, if you sell the property within your lifetime, according to the IRS, you’ll likely qualify to exclude up to $250,000 (or up to $500,000 on joint spousal filings) of the home sale price from your income. Or is it time to move on? If you’ve already spent the time and money to make your home comfortable so you can age in place, you may be less inclined to move and start over. If you sell without investing in another property, you’re losing your best “In Case of Emergency” asset. Consider these reasons to stay or go so you can make the best choice for your situation. These retirees may want to be able to walk to the movies, or take public transportation to evening dinners without having to drive busy suburban roads. Las Vegas had the highest year-over-year rental increase at 7.8%. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. You think of the freedom. According to, If you’d rather skip the listing process entirely, sell through, Unlike a fixed-rate mortgage, your rent can (and likely will) fluctuate yearly, based on the market and your landlord. You may have to pay for things you never considered when you were a homeowner, like parking or pet fees. As you age, you might prefer a home that’s less work to take care of, like a home with a small yard or no yard at all. Many people approaching retirement are left to decide if they should sell their home or stay put. Selling a House During Winter Holidays: Tips, Pros & Cons. In some regions, it’s actually cheaper to rent—at least in the short term. As long as your home is worth significantly more than you owe on your mortgage, that equity is a safety net to cover unexpected expenses like home repairs and medical care. Wile there are no guarantees, knowing how much equity you have in your home is an important early step in retirement planning. If you’re moving from a single-family home into an apartment, your new place may come with great amenities, like a pool, gym or tennis court — all without paying HOA dues. For others, keeping the home is a better option financially. Buying with a mortgage is the better option generally after 10 years. ), and you’ll know where you stand financially. As you’re deliberating “Should I sell my house and rent when I retire?”, just remember to weigh the impact your decision will have on all aspects of your life and financial situation, including your monthly income and your benefits. According to Rick Eisenberg of NextAvenue, Costa Rica is top of the list of best places to retire internationally. In many markets, renting is cheaper each month than owning — at least in the near-term. Another financial issue is an older person’s need for cash flow. According to Zillow research, 19% of retired homeowners report making some kind of accessibility accommodations in their home, whether it’s modifying flooring, adding handrails, or installing a walk-in shower or bath. When your current home no longer suits you, selling it is a popular option. When you rent, all of that money goes into someone else’s pocket. Lundgren says, “When you rent, you’re not responsible for things. Maybe you should rent instead. Rent or sell my parent’s house? Transitioning from homeowner to renter is an adjustment, especially if you’ve owned a home for a long time. When Is the Best Time to Sell Your House? You can close in as few as seven days and move on to your post-retirement life. Before moving forward, make sure selling your home makes sense from a financial and practical standpoint. Back At Rent To Retirement, we help real estate investors to acquire a residential property through seller financing. Current tax law allows for an exemption of $250,000 in profits for a single person and $500,000 for a couple. A house is a fantastic appreciating asset to have, but it’s not exactly liquid. Whether you plan to spend your golden years traveling the world or settling into a cozy cottage in some sunny southern state, you’ll need funds to fulfill your retirement dreams. However, sometimes taking on a mortgage isn’t a bad idea even if you can afford to pay off the property. Buying may be the smarter play in the long run, but it does come with obligations. There are a variety of ways to modify the “sell and rent” scenario to fit your retirement needs. hmmmmm, that sell to a family or friend and buy theirs to rent it back to them is an interesting thought. However, downsizing doesn’t necessarily mean you need to buy another home. But selling your house to rent when you retire is a major life upheaval with inherent risks to your financial future. Factor that in with other retirement funds (pension, social security, retirement accounts, etc. Here are a few key reasons retirees decide to rent instead of own. If she sells her house for about $900,000, she can free up capital for retirement goals and rent an apartment. Should you stay in your current home once you’ve retired? And if you’ve already decided to sell, will you buy a new home or rent? You also won’t have to pay for maintenance, repairs or appliance replacements. Our house is not that much bigger than the apartment but it has high ceilings, lots of character a big garden. If you need the equity from your home to invest in another home — or another type of investment to fund your retirement — it’s important to calculate your potential profit ahead of time. Mowing the lawn, cleaning the pool, changing the HVAC filters — being a homeowner takes up a lot of your free time. In year 11, the couple who bought with the mortgage had more in total assets than the renter—and the gap widened as the years went by.”. And those sellers aged 52+ are typically buying smaller homes. Retiring to an apartment does require some financial planning. Find out what cash buyers are willing to pay for your home right now. Mary is 67, owns her home, and is considering downsizing. Cashing out on your current home’s equity may just be the best way to pay for it. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. Pros for renting out your home: You’re also free from the burden of home maintenance. Buying a property or two could provide enough income to allow you … In many markets, renting is cheaper each month than owning — at least in the near-term. According to Zillow research, homes listed in this window sell two weeks faster than average and for $1,600 more. Ownership is solidly entrenched among retirees. With the right strategy, your home equity can help you achieve a relaxing, fully-funded retirement. As a renter, you’re no longer tied to a house. Just consult a tax professional about the capital gains tax implications for people who, If you need the equity from your home to invest in another home — or another type of investment to fund your retirement — it’s important to calculate your potential profit ahead of time. It all depends on timing. For some retirees, it’s smarter to sell and rent instead. A growing number of seniors are opting to rent during their golden years. Buying a house after retirement can be a good or bad idea. You can find places to rent that fit all of these different property types, just make sure that if you go for a house, it comes with an HOA or professional service (if that low-maintenance lifestyle is important to you.). A retiree who sells a house, buys a cheaper one and invests the balance of the equity can create a new income stream. For example, you might decide to travel with the tax-free equity and use the remainder to finance the purchase a retirement home. But there’s still extra costs associated with owning that renters don’t have to factor in. If you’ve owned your home for a long time and gained significant equity, you may be on the hook for capital gains taxes when you sell. When you sell the family home, it might be worthwhile to rent … Housing costs will be part of your retirement budget, whether you rent or own. All the excitement has you making plans you never dreamed possible—the stack of unread books on your nightstand and that long, ambitious bucket list are calling your name. If you live in or are planning to move to an area with high property taxes, renting can help you avoid large tax bills. True, maximum benefits are available whether you rent or own. Sell your house and move abroad. How Much House Can I Afford If I Make $70,000 a Year? Retirement is a big life change, and one big life change sometimes leads to another. You wonder if some of the ideas running through your head are too crazy to entertain, like…, “Should I sell my house and rent when I retire?”. You love your house of 30 years but it comes with too many stairs, and too much maintenance. Why I’ll Sell My House And Rent Once I Retire. (More on that later.). While your house may be increasing in value, it’s not providing you with monthly income—unlike retirement accounts that pay out dividends. If you own your home outright or have a lot of equity, selling could help you fund your retirement. Hire a real estate agent or run the comparables yourself to see how much you can sell your home for. With bond funds and annuities yielding 4 … Renting can seriously reduce the amount of expenses that you have to pay each month. Let’s say your house is in a rapidly gentrifying area; if you hold on for another two years, then you might increase your value by 10%. That’s why a number of retirees decide to buy rather than rent when downsizing. Austin’s median rental listing price is $1,695 per month, while the median home for sale has a listing price of $389,000. According to the Zillow Group Consumer Housing Trends Report 2018, 60% of baby boomers (ages 54-73) who are selling a home are also buying another home, but only 40% of sellers in the silent generation (ages 74+) are buying again. The experts at AARP advise saving around 10 to 12% of your current income. Financial experts note that some retired homeowners forget to factor house-related expenses (HOA fees, maintenance, utilities, unexpected repairs, etc.) So if there’s a leak in the kitchen, it’s just a matter of contacting the manager and then it’s their obligation under the lease terms to rectify any problems.”, Renting also offers you some flexibility in housing styles—whether it’s a townhome, single-family single story, or apartment that you’re eyeing. Pros of renting in retirement. If you wish to report an issue or seek an accommodation, please, Zillow, Inc. has a real estate brokerage license in multiple states. Unfortunately, there is a downside to selling your home and renting when you retire. Note that the average American retires at age 62, so the baby boomer group encompasses both retired people and those who haven’t yet retired. The sale proceeds could be used to beef up your retirement cushion/account, or maybe be used to purchase a … Unless you can afford to buy your smaller retirement home outright, buying means signing on to another lengthy mortgage. Q: I am a 66-year old single female. Austin, Texas, was just ranked as one of the best places to retire, according to U.S. News & World Report. It is sometimes difficult to find people who do the same as we plan to do now: selling our beautiful Victorian house and moving to a modern 75m2 rental apartment. The Christensens aren't alone. Upon selling your home, you can move into a rental that aligns with your close date, rather than worry about buying another home and timing it just right (or carrying two mortgages at once). In fact, it may be costing you more than you realize. To figure out which option is best for you, it all comes down to running the numbers. If something breaks, you’ll have to rely on your landlord to fix it. Empty-nest households are on the rise, and here are some reasons people in this demographic decide to stay put. Selling your home and moving to a rental can free up the equity you have in your home, which you can use to fund monthly expenses throughout your retirement. Consider how much you are paying in property taxes, HOA fees, and repairs around the house. According to Forbes, “The average retiring American has roughly twice as much value in home equity ($200,000) as they do in their other savings.”. into their budgeting plan. Zillow defines empty nesters as homeowners who are 55+, have lived in their current home for 10 or more years, and have no children of any age living at home. But in some cases, turning it into a rental home might make more sense. If you believe you may pocket more than that amount, talk to your tax professional for other options, including turning your home into a rental property, then swapping it for another property using a 1031 exchange. Or you can reinvest in another type of investment that will provide a good return, while keeping your money accessible if and when you need it. Have questions about buying, selling or renting during COVID-19? An alternative to selling your home when you retire is to rent it out to tenants instead. If it would sell for less than $200K, it might be a ... Retirement planning: The better way to fund your golden years. What really matters is your income. Here's how to determine if renting or owning in retirement is right for you. According to the Zillow Group Report, 25% of sellers are baby boomers, and 13% are from the silent generation. A recent study by the National Association of Realtors found that around 54% of home sellers are over the age of 52. 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