Retirement property

Your age pension entitlement depends on the value of your assets and the income you receive. Selling your home may affect the amount of social security benefits you receive. On the other hand, for some people selling the house is a necessary way to help fund their lifestyle in retirement. In the end, it could be a great way to increase your savings or eliminate pesky debt that will become a burden in retirement.

If you are a single person, or a couple, and you are living in a house with three or four bedrooms, you are actually paying for space that you don’t need. That also includes higher property taxes, higher utilities, and even more repair and maintenance expenses. Generally speaking, the bigger the house is, the more it will cost to keep. It’s even worse if you have a large piece of property. Everything needs your care and attention; you should mow the lawn, trim the hedges, rake the leaves, and clean the gutters. Just because a house made sense when you were raising your family doesn’t mean it’s a necessity when you move into the retirement years. These large properties consume a vast amount of money each month, in terms of mortgage payments, utility bills and maintenance costs, but also in terms of the capital tied up in the property. You should have fewer housing needs, enabling you to live more lightly and enjoy comfortable lifestyle during the retirement years. The problem with waiting until you can no longer take care of the property is that you get set in your ways.