Retirement is a big step in your life, whether it’s happening now, in a few years, or you’re just planning ahead. It’s likely you have a vision for what retired life looks like, including where you plan to live. However, if you’re stuck between selling your home and becoming a renter when you retire, the decision may be a little harder.
In this Redfin article, we’ll help you answer the question – should I sell my house and rent when I retire? Whether you considering selling your home in Orlando, FL, or your house in Boise, ID, here’s what to consider before jumping from homeowner to renter.
Should you sell your house and rent when you retire?
It depends, the decision to sell your house and rent when you retire is unique to each individual. There are lots of pros and cons to consider depending on your specific retirement plans. It’s also helpful to ask yourself a few questions that can help you make the decision.
For many, it can make a lot of sense to sell their house and rent when they retire. It provides a large sum of cash to help with retirement goals. Becoming a renter provides additional flexibility in terms of commitment to a specific property or location. However, you’ll need to consider the other options available, like keeping your current home, renting out the house, or using home equity as a new loan.
Pros and cons of selling a house and renting in retirement
These are some of the pros and cons to consider when deciding if you want to sell your house and rent when you retire.
Pros of selling your house and becoming a renter
- You’ll have fewer home maintenance responsibilities, as a renter. Most apartment communities have on-site maintenance staff that fix issues and keep the property clean.
- You may be able to rent a new home that accommodates aging in place. Renting a condo with an entry level primary bedroom might be the right switch, compared to staying in a two-story home with stairs.
- Renting offers greater…