Selling your home and moving into a smaller space is a big jump however and before you take the plunge, there are a few questions you should ask yourself. Read on to discover a few of the main questions to consider before selling your house for retirement.

What’s your Motivation? 

While numbers do play a big role in the decision to downsize, selling a home isn’t only about the money. Most people planning for retirement are looking for ways to make their lives easier – aka, to eliminate maintenance and housework.

In fact, a recent study by Merrill Lynch showed that “64% of seniors who downsized in retirement did so to lower their monthly housing costs, and 44% felt that a larger home is too much work.”

Also, if you do decide to sell your current home, you’re likely to be able to be choosier and get a home that’s perfect for you in this stage of life. If you have kids who have left the nest, you won’t have to consider which school district you’re in, and soon enough proximity to your workplace won’t matter either. This means your new dream home is more in reach than you might think.

Buying or Renting? 

When you’re looking for a new home for your retirement years, your first thought will likely be to look at a smaller home or condo you can purchase. However, there are many cases in which renting, not buying, would be the wiser choice.

Repairs and maintenance are major headaches of homeownership – and it might just be a headache you’re willing to say goodbye to forever. Besides making things easier, renting a property also means your monthly expenses are predictable, as any problems with the properties will get passed over immediately to the landlord, rather than fall on your shoulders.

Even better – renting means you can change your mind. Making a big move is a big life change, and you might find there are things that you miss, which your new property does not have, or even things that it does have that you hardly ever use or would prefer to do without.

Cash, or Assets?

Downsizing usually results in a lot of savings – however, when you’re moving home, you’re likely to discover costs you hadn’t considered along the way.

Moving to a warmer climate, for example, might end with you investing in new furniture (and a new wardrobe). Even in a condo, you’ll want to make sure you understand any Homeowner’s Association costs you could be responsible for if your condo or neighborhood is making upgrades.

When you’re looking at a new property, be sure to include any upcoming health or lifestyle changes in your long term budget, so you’re sure to leave enough of the proceeds from your sale liquid, so you can cover any needs (or wants) during your retirement years.

Should you Fix Before you Sell? 

If you’ve lived in your current home for a while, it’s likely to need some work before you can sell it on the open market. However, you might not have the funds – or the desire – to undertake a big renovation project prior to selling.

Instead of an open market sale, you might consider selling to a real estate investor who will buy your home for cash, in whatever state it’s in. It could save you the headache of fixing up, listing, and waiting for your home to get bought on the open market and get you off to a life of leisure faster.

Finding a Buyer for Your New Jersey Home

If you are retiring and want to sell your house fast, Rock Hammer Investments buys houses in and around Clifton (and other areas too!). Rock Hammer Investments does not list your house… we’re the ones buying your house. Because we pay cash, we’re able to close quickly… or on your schedule.

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Houses are often the most substantial shared investment that any couple has, and when that couple is splitting, a home can quickly turn into a point of friction. So, what’s the best thing you can do to avoid any unnecessary fighting? In most cases, the best thing you can do with a house during a divorce is sell….as quickly as possible.

Avoiding a Burden
You might think you want to win the house in a divorce- but don’t be surprised if you do win and regret it. As much as houses can be great investments, they’re also a lot of work, and in the wake of a separation, they might not be what you really wanted. Houses require a lot of time and money in terms of maintenance, and you might not have as much of either of those two things now that you’re without your partner. Also, there will be the emotional burden of living in a space that holds so many memories. For many, moving on is the best way to deal with a house in a divorce case.

Don’t Get Stuck
Housing markets go up and down. This means that even if you end up with a house after a divorce, it could turn into nothing more than an asset you’re stuck with. Divorce changes finances dramatically – which could translate into new liens, higher mortgage payments, or unexpected property devaluations, leaving your house unsellable. Selling now can avoid any sticky situations down the road.

Keep Your Credit
In some divorce cases, a spouse loses the house, but the mortgage stays in their name. Or vice versa. Relying on your ex’s goodwill to keep your credit out of trouble isn’t a situation you may want to end up in. Selling before or during the divorce proceedings will avoid this complication altogether and keep you out of a situation that could easily end in foreclosure.

How Do I Sell My New Jersey House Fast?

Selling your home should be handled like a business transaction between you and your spouse. Couples who get personal, instead of staying professional, wind up making poor decisions when angry. The home sale process requires a lot of decisions that both parties will need to agree on.

Check with your attorney to make sure you and your spouse can legally sell the property. Your attorney should help you negotiate how proceeds from the home sale should be divided. How expenses and profits associated with the home are split may vary. For instance, if one spouse paid more to the mortgage or financial upkeep of the house during the marriage, he or she may be awarded a larger portion of the sale.

You can sell your house yourself or through a realtor – but you may have repairs that need to be done before selling. If you don’t want to do repair work, and you want to sell your house fast for cash, an option is to sell to an investor. You may even make as much as you would selling through a realtor, depending on how many repairs the property needs.

If you are getting divorced and want to sell your New Jersey house fast, contact Rock Hammer Investments. Rock Hammer Investments buys houses and pays with all cash… and can make a decision to buy your house within a couple of days (sometimes the same day).

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