Having a home that is paid in full is something we all dream of which is why it might be a surprise that many Baby Boomers with fully or almost paid-in-full homes are selling their family homes, not just to downsize to a smaller place—but to become renters. Here are just a few reasons why.
The Market Is Prime For Selling
Having purchased their homes in the 70s, 80s, and 90s most Baby Boomers can sell at an attractive profit. This creates more cash for investments and retirement. In addition, this generation is more aware of the challenges of settling an estate and understands that selling now makes it easier for their families.
Renting Is Flexible
As a renter, you may not be able to personalize your home as much as you can as a homeowner but renting provides far more flexibility. For those who wish to travel renting provides a less expensive home base and allows retirees to lease for a year or less in the places they have always wanted to live—nationwide and abroad.
The larger a home the more physical upkeep is required. By downsizing to a rental there is less to clean and maintain. As we age our larger homes can be increasingly difficult to navigate, especially if there are stairs or driveways that need to be shoveled. With the attractive options in 60+ condominiums and fully independent living communities, many amenities are built-in or can be added on—such as laundry, housekeeping, maintenance, social activities, and more.
Even if a home is paid-in-full the costs of maintaining its property value with repairs, upgrades and remodeling really add up. Instead of investing more money in their home many Baby Boomers opt to sell and spend their money on things they can enjoy today.
A perk of buying a home is that we are able to select our home appliances, features and functions. However, when these items are in need of repair or replacement the cost and responsibility falls on our shoulders. As a renter, you may not have top of the line appliances—but when something breaks or is in need of repair all you have to do is call your landlord.
Even if a rental property costs a bit more per month the benefits of renting offer many Baby Boomers the freedom and flexibility they wish to enjoy in their retirement years. If you are ready to sell your NoVA home to downsize to a smaller condo or rental unit the team at Jerry Sardone Realty is here to assist you—and ensure you get the most money for you beloved family home. Reach out today to learn more!