For many people, there comes a point in their lives where they must reassess their living situation. The amount of space that they might have required in their younger years can actually become a health and safety hazard
Downsizing, while necessary for many seniors, can be a somewhat difficult process. You’re going to want to have a solid plan in place when it comes to what you’ll do with your old home. Should you keep it in the family, rent it out, or sell it? There’s a lot to think about, but the decision is by no means an impossible one. In fact, it often just comes right down to some surprisingly simple math.
Figure Out What Your Home Will Fetch
One of the first things to do before deciding what you’ll do with your old home is to figure out what you can get for it if you decide to sell it. This piece of information will dictate your next moves in a big way: If you can earn a big chunk of change from the sale
There are, of course, ancillary fees
Rent It Out for Passive Income
One of the best ways to earn yourself some passive income is by renting out your current home, once you’ve moved out and gotten settled into your new home. But here’s the thing: What many people don’t realize is that just like selling, renting out a home involves quite a lot of overhead. You’ll be on the hook
Consider Keeping It in the Family
Alternatively, you can simply opt for keeping it in the family. This strategy can be helpful for a number of reasons and is especially viable if the market is down and it also would not be very profitable to rent the property out.
If the market doesn’t lend itself to a sale, you can hang onto the property
Ease the Moving Process
Just as important as deciding what to do with your home is making preparations for moving day. After all, no matter which route you take with the current home, you’re still likely to face quite a bit of stress when it’s time for the big move. In order to make the process easier, consider enlisting the services of a moving company. Professionals movers can take away the burdens of loading up the moving truck, driving it to the new home, and unloading the vehicle. Just keep in mind that hiring a moving service costs an average of $1,086
One Big Decision
There are a few options when it comes to the future of your current home as you get ready to downsize. And while they can all seem a little complicated at first glance, the truth is that it’s not impossible to figure out which option makes the most financial sense. Simply analyze all your options, and pick the one that will help you out best in the long run.