Retirement is finally that phase in your life where you can relax and do the things you were not able to do during your earlier years. While you may have saved up for your retirement, should you consider moving to a new home?
Your current home may not be the best option for you after retirement. According to Realtor.com, there are a number of things you need to consider before choosing to sell your house and move to a new one or stay at your current home.
One of the things you need to think of is the property tax. In certain states in the U.S., especially in New York and New Jersey, property taxes can often take as much as $10,000 to $15,000. While that may not sound like a huge amount for those in the working class, such amount can be a little too heavy for those in the retiring age.
Aside from this, you also need to take consideration of the home maintenance costs that you will incur should you choose to live in your current house. If your current home was built in the '80s, then chances are, you might have to do a couple of repairs every now and then.
As previously discussed here on Realty Today, very few retirees prepare a sufficient amount of home maintenance costs. A study revealed that a major percentage of retirees cannot afford to shell out more than $1,000 for unexpected expenses.
This amount is already insufficient, especially when the roof needs to be fixed. It is, therefore, vital to thoughtfully weigh in your options and see if you want to take the risk and continue living at your home or move to a new house or rent an apartment.
The aforementioned publication noted that should you choose to move to a new home, property taxes in other states are lower than in NY or NJ. Opting to rent an apartment would also lessen your burden from home maintenance costs.
