Most people, when they retire, prefer to relocate to somewhere they feel comfortable. But when they move, do they rent a house or they buy another house? Both options have their pros and cons, especially for retirees which is why you need to consider your options carefully.
In this article, we’ll be discussing how to sell your house and rent a new house in retirement. But before then, let’s consider some reasons why you need to rent a home in retirement.
3 reasons to rent a home in retirement
You’ll have more options
After retirement, you may not have any need for all the space in your current home. You may want to move to another city so you can be exposed to the culture and traditions of the new place. Also, you can move around as much as you like because you’re tied to a lease, not a mortgage. And if you like, you can move to a retirement community with other seniors. It’s easier to move into a rental property than it is to buy a new home after selling your house.
You could save money on housing costs
When you rent a home after retirement, you’re less likely to pay high housing costs than you would as a homeowner. Renting a home means you won’t have to deal with paying property taxes. Also, you’ll only have to pay renters insurance which is more affordable than homeowners insurance.
You won’t have to deal with maintenance
When you rent a home, you have the right to waive the expenses for home maintenance to your landlord or property manager. So, whenever something goes wrong in the house, you don’t have to spend your time or resources trying to fix it, you only need to call the attention of the landlord/ property manager to it. Also, as a retiree, you won’t have the physical ability to address certain maintenance issues in the house, so renting a house can be very helpful for you.
Below are 5 tips to market your home:
Work with an accredited Senior Real Estate Specialist (SRES).
Working with senior real estate specialists helps you avoid costly mistakes because they have the experience. They can advise and coordinate you with the right strategy to enable you to get the result you want.
Market your home to the trends of today’s marketplace.
As family size reduces, big homes with too much space become too much for new buyers. Since these houses were owned by retirees, there’s a high tendency for the houses to be more traditional than modern, hence they will automatically be relegated to the “no” list. However, when you hire a good realtor, they can be able to put your house on the market so that interested buyers can make their offers.
Work with your estate attorney and CPA
To sell your house successfully, you have to consult your estate attorney and CPA and also involve an SRES agent to help plan out the sale of your property. When these key people are working together, you can rest assured that you’ll get your house sold fast so you can rent another.
Consult with your children or other decision-makers
You need to involve important people in your decision-making process. If you’re going to inform your kids or relatives about your plan to sell your house and rent another, do that in time. Establish constant communication with them so they can assist you with your plans to sell your house if need be.
Selling your house to get a rental property in retirement is more of a good plan considering all the benefits that come with it. If you want to sell my house Philadelphia, it’s better to sell to a cash house buyer.
A cash house buyer is ready to buy your house fast as long as you accept their offer. At Home Cash Guys, we buy houses at the best price and you don’t have to pay extra fees like realtor fees or renovation fees. Also, we take care of all paperwork so that we close the sale of your house in record time.
Contact us today to learn more about our services!