Should I sell my home?

Selling your home after retirement has certain advantages. You can move closer to your family, reduce your expenses, have access to better services, or find a home that is easier to maintain. However, moving isn’t for everyone. Life in a condo may not suit you and a smaller home may force you to get rid of some precious belongings.

Whatever your choice, never rush into a decision. Visit several neighborhoods or rent a condo for a few months to make sure that the lifestyle and the area suit you. Factor in all the routine expenses linked to your new surroundings, especially if you move away from your family or you decide to live abroad. In other words, you should take into consideration traveling costs to visit friends and family in addition to maintenance and property taxes.

Don’t make the mistake of believing yourself to be immune to poor health, either. Will you have easy access to healthcare? Does your health insurance cover care received abroad? And who will take care of you if you are far from your family?

Moving is not a decision that should be taken lightly. Whether you want to live in a smaller home or a condo, in a retirement community or abroad, it’s a good idea to consult a real estate broker and financial planner to find out what best suits your needs and if you can afford them in the long-term.

Selling your home has advantages and disadvantages; think twice before you make a choice.