When Should Seniors Sell Their Home?

Are you a senior or know of a senior who is considering selling a home? Many seniors are indecisive about the topic, but more and more seniors are selling their homes.

To help with the decision to sell or not to sell, this post reviews the top reasons seniors today choose to sell their homes and why it is a good decision. PDX Renovations can help! – we are a real estate investors and have our own money to buy houses, unlike a real estate agent.

1. Living on a Fixed Income

You hear about it in the news every day—more and more retirees are finding it difficult to live on a fixed income. Social security benefits don’t cover monthly costs. Pensions are all but gone in America. Retirement savings incurred huge losses over recent years. It all adds up to a shortfall in covering monthly expenses. More and more seniors are selling their homes because they can cash out their equity, supplement their monthly income with the proceeds and live a much more comfortable lifestyle.

2. Costs of Home Ownership

seniors selling their home - WHEN SHOULD SENIORS SELL THEIR HOME

Let’s face it; it costs a lot of money to own a home. Mortgages are expensive and, with little monthly income, difficult if not impossible to refinance. Reverse mortgages don’t provide enough to close the monthly gap in income needs. Even without a mortgage, the costs of property tax and utilities alone add up. Seniors have realized that the romance of living in their lifelong home doesn’t hold the luster it once did. By seniors selling their homes and downsizing, they reduce the costs of homeownership and add to their monthly cash flow.

3. Maintenance and Repair

Homes are constantly in need of maintenance and repair. Paint, landscaping, fix-it jobs around the house add up to more than pocket change. Then there are the big-ticket items that, after time, need attention. Roof replacements, HVAC replacements, garage doors, appliances, and water heaters cost big money these days. With fewer houses to worry about, seniors reduce their financial risks associated with home maintenance and repair and find it easier to live within their means.

4. Physical Challenges

All of the maintenance and repair items mentioned above can be physically taxing. Just cleaning a big house becomes more challenging with each passing year. Spending less time with physically demanding chores is another reason seniors opt to sell their homes and find a less demanding home environment.

5. Living Alone

Not only is all that square footage expensive to operate and maintain, it just doesn’t make much sense to many seniors anymore. An empty nest can feel pretty lonely at times. Many are opting to relocate to a community that offers opportunities for socializing with others in the community. Areas like Portland, Oregon, are full of optional living situations for retirees from all ages and all walks of life.

Some seniors don’t look forward to selling their homes just because of the hassle of listing them with a realtor, having to fix the house up to get it ready to market, and countless interruptions for showings to prospective buyers.  Selling a home for cash avoids all those hassles. The house can be sold in “as is” condition, and it can be sold very quickly—no renovations, no showings, no commissions, and no waiting. The sooner seniors can cash out their equity, the sooner they can improve their lifestyle and start living in comfort.

Are you a senior or know of a senior who is selling a home?

When should seniors sell their homes? The answer will depend on a wide range of factors, some of which we have discussed above – if you are unsure, then give us a call for some no-obligation advice and an offer:  Call us at (503) 560-6620

Do you have a piece of property (house, lot, or land) you’d like to sell fast?  Please fill out our Sell Fast Form and get a cash offer within one hour of viewing the property. 

PDX Renovations are not a real estate agent. We buy houses for cash and we buy with our own money.  So if you have issues with retirement planning, issues with property taxes, or are not confident in the housing market (or have no adult children to help) to achieve a successful home sale you can turn to us to help!