Over the age of 50 and looking to downsize your home or relocate? These tips can help you determine your best option.
Upon retirement, many people choose to downsize to a smaller home or relocate to a favorite place like Florida. The challenge is determining whether to buy or move before or after you sell your current home. The following tips can help you make the best decision for you.
What are the benefits of buying before you sell?
If you’ve planned your retirement and you’re financially secure, there are benefits to buying a new home before you sell your current one. You won’t have to stress about rushing to pack and move into your new home by a deadline. When you still own your current home while choosing your new one, you have control over your move and can work at a comfortable pace. Staging a home for potential buyers is also much easier once all of your personal belongings have been moved out. Your home will be more enticing to potential home buyers when they know they can move in immediately after closing the sale.
What are the benefits of selling before you buy?
When you are retired, you may not be in a position to buy or commit to selling your home before. But you’ll have the peace of mind of how much money is available to you from the sale of your home. This will also put you in a good place to negotiate the cost of the house you want to purchase. You won’t have to endure the stress of waiting for your home to sell and how long you’ll have to pay taxes, make mortgage payments, or insure two residences.
There is no single financing option that is best for everyone over the age of 50 who are looking to purchase their retirement home. When you move, consider having an experienced Central Florida realtor on your side. Having a local realtor there for you means a much smoother process and all the information you need is only a phone call away. Click here to get in touch today.