From property taxes to maintenance to insurance, owning your own home can cost more than renting. For some retirees, it’s smarter to sell and rent instead. Mary is 67, owns her home, and is considering downsizing. 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. Even without a mortgage payment, the expenses associated with owning a home add up. Austin’s median rental listing price is $1,695 per month, while the median home for sale has a listing price of $389,000. But selling your house to rent when you retire is a major life upheaval with inherent risks to your financial future. If you’ve lived in your home for decades, there are probably cosmetic, mechanical or structural upgrades or repairs to complete to either bring your home up to code or appeal to buyers. If a retiree’s home equity is … Curious how much you stand to make selling your home? When you rent an apartment, you’re not tied to your house for the long term. 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. 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've decided to sell your house and move to something smaller or to another town. And those sellers aged 52+ are typically buying smaller homes. Pros of renting in retirement. If you assume a 20% down payment ($77,800 upfront), plus closing costs and a 4.3% interest rate, you’d pay $2,049 per month as a homeowner — an increase of $354 over renting. Monthly Payments and Retirement Income. Former art and design instructor Christine Bartsch holds an MFA in creative writing from Spalding University. 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. 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. If you own your home outright or have a lot of equity, selling could help you fund your retirement. With bond funds and annuities yielding 4 … It’s also important to look at how homeownership impacts your Social Security benefits. 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%. Find top real estate agents in these similar cities, HomeLight has an A+ rating with the 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. Phoenix had the second-highest increase at 6.7%. 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. 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. But retirees -- or near-reti… Get free, objective, performance-based recommendations for top real estate agents in your area. Many argue that it’s best to own a home in retirement, but home ownership isn’t for everyone. For some people, selling the house is a necessary way to help fund their lifestyle in retirement. 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. If it would sell for less than $200K, it might be a ... Retirement planning: The better way to fund your golden years. If you wish to report an issue or seek an accommodation, please, Zillow, Inc. has a real estate brokerage license in multiple states. And you can always keep modifying as your needs change. 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.). Unfortunately, there is a downside to selling your home and renting when you retire. A list of our real estate licenses is available. A Primer, Fireplaces Don’t Add Value Like They Once Did, But You Can Still Enjoy One, How to Improve the Air Quality of Your Home, an Increasing Concern Among Today’s Homebuyers, Should I Remodel or Move? As a homeowner, you naturally think of buying again — a house or maybe a condo. 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. 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. Here’s How Much Money You Need to Build Your Dream Home. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. Have questions about buying, selling or renting during COVID-19? 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. As a renter, you’re no longer tied to a house. This means you’re free to travel and test out potential retirement locales through short term leases. Factor that in with other retirement funds (pension, social security, retirement accounts, etc. "Usually, people who are nearing retirement and selling their houses have already paid off the mortgage," she points out. 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. When you sell the family home, it might be worthwhile to rent … You’ll have to be willing to part with your old home and instead keep the memories. 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. 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. 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. When you’re paying off a mortgage, you’re investing the bulk of your monthly housing costs into an asset that you own. In order to use your home as part of your retirement income strategy, you must be willing to tap into its equity. Homebuyers with good credit can take advantage of low mortgage rates which are currently between 4-5%. 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. The amenities. Buying with a mortgage is the better option generally after 10 years. Unfortunately, there is a downside to selling your home and renting when you retire. Back This decision is an important one as housing often makes up about 30% of retirement expenses. If something breaks, you’ll have to rely on your landlord to fix it. When you’re renting, your landlord often takes care of most maintenance tasks. Downsizing into a smaller home, like an apartment, can save money in monthly housing costs, utilities and furnishings. Here's how to determine if renting or owning in retirement is right for you. For starters, you’ll need an idea of how much money you’ll need to comfortably retire. If you pull equity out and invest it, those dividends may increase your income which may in turn reduce your benefits. Does it make sense to rent in retirement? You can … In some large cities, parking costs can exceed $250 a month. There are lots of factors to consider when making the “sell vs. rent my home” decision, including: Your financial situation. 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.”. True, maximum benefits are available whether you rent or own. That’ll give you an idea of what kind of retirement lifestyle you can afford. Instead of selling, you might want to leave the family home to your children or grandchildren someday. Fluctuations in market value, unexpected maintenance expenses, … 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. 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. 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. According to the Zillow Group Report, 25% of sellers are baby boomers, and 13% are from the silent generation. Make sure to factor these additional costs into your monthly budget. Once you’ve decided to sell, you might wonder if you should buy again or rent instead. In many markets, renting is cheaper each month than owning — at least in the near-term. Selling a House During Winter Holidays: Tips, Pros & Cons. 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). Wile there are no guarantees, knowing how much equity you have in your home is an important early step in retirement planning. A recent study by the National Association of Realtors found that around 54% of home sellers are over the age of 52. Get a cash offer from Zillow. Why? Josée Jeffrey, a Montreal financial planner and tax specialist, says that switching from home ownership to rented accommodation isn't necessarily a good thing for everyone. Saying goodbye to your once “forever home” can be difficult. Our team is composed of professional and experienced individuals including accountants, lawyers, and lenders. You can be in a community where there is an on-site property manager. Ownership is solidly entrenched among retirees. Austin, Texas, was just ranked as one of the best places to retire, according to U.S. News & World Report. Our house is not that much bigger than the apartment but it has high ceilings, lots of character a big garden. Real Estate Comps: How to Find Comparables for Real Estate. The analysis showed that renting was a better financial option than buying for the first ten or so years after downsizing. hmmmmm, that sell to a family or friend and buy theirs to rent it back to them is an interesting thought. But should you? That’s a lot of money, but luckily everyone’s retirement needs are different. For others, keeping the home is a better option financially. If your current mortgage is fully paid off, you may even skip selling. into their budgeting plan. Consider these reasons to stay or go so you can make the best choice for your situation. 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. Should you stay in your current home once you’ve retired? She expects to sell her home for $800,000. 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. You can eliminate property taxes and costly homeowner's insurance -- just make sure you get renter's insurance. One of the main reasons folks will choose to unload their rental property and sell it off is because they’ve got enough equity to pocket a lot of money from the sale. She wants to buy a small apartment for $500,000 and have $300,000 left to invest. 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. 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. 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. Invested wisely, those dividends can cover your rent and monthly expenses for years to come. 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. Whether you’re more interested in selling quickly or for the highest possible price, it’s important to know your options. 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. According to hypothetical retirement analysis conducted by Kiplinger, a leader in personal finance news and business forecasting: “Renting tops buying in the short run. Q: I am a 66-year old single female. But that could be speculation. It can take time for a community to feel like home. Learn more, .subnav-back-arrow-st0{fill:none;stroke:#0074E4;stroke-linecap:round;} Buying a house after retirement can be a good or bad idea. 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. 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. 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. Current tax law allows for an exemption of $250,000 in profits for a single person and $500,000 for a couple. What really matters is your income. … 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. Why I’ll Sell My House And Rent Once I Retire. 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. Because sometimes it’s a smart idea to invest your home sale profits in a new property. Moving even a small distance could lower property taxes or put a retiree closer to newly desirable amenities such as a senior center. If you live in or are planning to move to an area with high property taxes, renting can help you avoid large tax bills. This can be particularly hazardous if the property is located in a remote area. Or is it time to move on? Return to Zillow.com. There are plenty of benefits to renting, but there are downsides, too. 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. Hire a real estate agent or run the comparables yourself to see how much you can sell your home for. (More on that later.). Renting can seriously reduce the amount of expenses that you have to pay each month. It all depends on timing. You’re also free from the burden of home maintenance. The content on this site is not intended to provide legal, financial or real estate advice. Maybe you should rent instead. 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. 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. Retirees sometimes find themselves wanting to move to pursue interests like golf or skiing. Retiring to an apartment does require some financial planning. 19 High-ROI Improvements Buyers Love, Here’s What to Expect From A Home Appraisal So You Don’t Blow It, What It Costs to Remodel a Kitchen: Here’s the Typical Price Tag, How Does the Fair Housing Act Protect Buyers, Sellers, and Renters? Las Vegas had the highest year-over-year rental increase at 7.8%. Begin by looking at how much you still owe on your home compared with how much it’s currently worth. Unlike a fixed-rate mortgage, your rent can (and likely will) fluctuate yearly, based on the market and your landlord. He e-mailed a short while ago to ask for some feedback on his idea of selling the family house … When your current home no longer suits you, selling it is a popular option. It is for information purposes only, and any links provided are for the user's convenience. 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. When you’re not the owner of a property, you’re no longer the decision-maker. You love your house of 30 years but it comes with too many stairs, and too much maintenance. However, sometimes taking on a mortgage isn’t a bad idea even if you can afford to pay off the property. If you sell without investing in another property, you’re losing your best “In Case of Emergency” asset. You think of the freedom. You may not be allowed to make all the upgrades you want, and if you do make improvements, you won’t see any return on your investment when you move out. 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. Header Image Source: (Lightspring/ Shutterstock). Selling your house in retirement: What not to do Making your home part of your retirement plan might seem like a no-brainer, especially in some of Canada's hottest real estate markets. When you rent, all of that money goes into someone else’s pocket. Instead of selling, you might want to leave the family home to your children or grandchildren someday. Transitioning from homeowner to renter is an adjustment, especially if you’ve owned a home for a long time. An alternative to selling your home when you retire is to rent it out to tenants instead. 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. According to Zillow research, homes listed in this window sell two weeks faster than average and for $1,600 more. But in some cases, turning it into a rental home might make more sense. If you’d rather skip the listing process entirely, sell through Zillow Offers and free up the equity in your home sooner. A growing number of seniors are opting to rent during their golden years. Your future housing plans. For more information on how we can help you, contact us today. Rent or sell my parent’s house? 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. It’s safe to assume that most sellers in the silent generation are already retired. If necessary, Samantha would sell her house and invest the net proceeds to supplement her retirement income. If you sell too soon, you could be missing out on more appreciation. One is a guy we'll call Joe. You may have to pay for things you never considered when you were a homeowner, like parking or pet fees. You can even try out different cities with short-term leases or take extended trips without worrying about your house sitting empty. 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. To figure out which option is best for you, it all comes down to running the numbers. However, sometimes renting is the most cost effective way to go. ), and you’ll know where you stand financially. How Much House Can I Afford If I Make $70,000 a Year? Or you might develop mobility issues that would be easier to manage in a single-story home. There’s also less maintenance to do, and unexpected costs are limited. If she sells her house for about $900,000, she can free up capital for retirement goals and rent an apartment. 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. 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. Don’t forget to factor in any remaining mortgage balance, and be sure to account for commissions, closing costs, repairs and buyer concessions. Pros for renting out your home: Austin, Texas, was just ranked as one of the best places to retire, according to U.S. News & World Report. While your house may be increasing in value, it’s not providing you with monthly income—unlike retirement accounts that pay out dividends. A retiree who sells a house, buys a cheaper one and invests the balance of the equity can create a new income stream. In many markets, renting is cheaper each month than owning — at least in the near-term. 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. There are a variety of ways to modify the “sell and rent” scenario to fit your retirement needs. Cashing out on your current home’s equity may just be the best way to pay for it. 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. The idea of putting your hedge trimmer and snow blower away for the last time. Unless you can afford to buy your smaller retirement home outright, buying means signing on to another lengthy mortgage. Reasons to Sell a House During Retirement For many retirees, the opportunity to save money drives a decision to sell their house and rent. The experts at AARP advise saving around 10 to 12% of your current income. Retirement is a big life change, and one big life change sometimes leads to another. Learn what I’ve discovered throughout the years of selling my clients’ houses quickly to net them the most money. Buying a property or two could provide enough income to allow you … When you rent, you’re essentially spending down your home’s equity to finance in your twilight years. 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?”. In fact, it may be costing you more than you realize. You may feel nostalgic about the neighborhood you live in, especially if you raised your kids there. But there’s still extra costs associated with owning that renters don’t have to factor in. With the right strategy, your home equity can help you achieve a relaxing, fully-funded retirement. Find out what cash buyers are willing to pay for your home right now. Launching her writing career in 2007, Christine has crafted interior design content for companies including USA Today and Houzz. However, downsizing doesn’t necessarily mean you need to buy another home. Move when you're ready. And, although you’ve been a homeowner for decades, you just might be OK with never having a mortgage again. For example, you might decide to travel with the tax-free equity and use the remainder to finance the purchase a retirement home. 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. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. 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. Just consult a tax professional about the capital gains tax implications for people who inherit homes. Rental properties can add an extra stream of income to your retirement portfolio. You could be leaving money on the table.”. Nationally, the best time of year to list your home is a Saturday in the first half of May. At Rent To Retirement, we help real estate investors to acquire a residential property through seller financing. Deciding if it’s better to rent or buy a house after retirement requires careful planning. 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. 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