One of the hardest things about retirement is often dealing with the biggest asset you own – your home. For most of us, we have scrimped, saved and sacrificed to pay off our house and when we finally have time to enjoy it, retirement is at the forefront of our minds and so then it becomes exactly what should we be doing with the homestead now – keep it or sell?
Perhaps you may find that, like a lot of couples who become “empty nesters”, the large family home where you raised your children is simply too big for two people. In addition, you may find that the large family home is costing you too much in maintenance and taking up more of your time than you would like.
On the other hand, perhaps you finally have the house exactly the way you want but need to make a couple of modifications so it can support you in your older years. Perhaps it could be building that side apartment to generate some rental income or simply making small adjustments to support potential mobility issues in the future.
Whatever the decision, it is a decision that should be made prior to retiring. Remember, you have worked so hard to accomplish the dream of home ownership so make sure you factor in your long term vision as well. This will be key.
Carla Seely is the Vice President of Pension, Life and Investments at Freisenbruch-Meyer. If you would like any further details, please contact her at email@example.com or call +1 441 297 8686.
75 Front Street, Hamilton
Open Monday through Friday from 9:00 a.m. until 5:00 p.m.