You might be analyzing your alternatives and trying to imagine another stage of your life, whether you’ve just retired or are thinking about it. You’re not alone.
If this describes you, it’s essential to consider whether your current home will accommodate your new way of life. Fortunately, you might be better positioned to move than you think if your home doesn’t offer the amenities or advantages you’re searching for.
This is because if you own a property, you’ve probably amassed a sizable amount of equity, which can support your next move. Yes! Your home alone can fund your retirement.
The National Association of Realtors (NAR) claims:
A typical house buyer five years ago would have made $125,300 from price appreciation alone.
According to CoreLogic, the average American homeowner increased their equity by almost $64,000 over the previous year due to home price growth.
You can leverage your equity to assist you in achieving your dream of becoming a homeowner. Your equity can help you reach where you want to go if you wish to downsize, relocate near family members, or purchase a property in an ideal location. It might be some of what you’d need for a down payment on a house that better suits your evolving needs, if not the entire amount.
Contact a reputable real estate agent immediately to learn how much equity you should have in your house.
To sum up
Both are retiring, and buying or selling a property are significant life changes. As you enter this new stage of your life, a dependable real estate agent can help you through selling and buying while advising you on which homes will best meet your needs.
So, no need to fear the retirement age. As long as you’ve secured your property, then you’re technically good for the long haul.