If you’re thinking of retirement or have currently retired this year, it’s a good time to consider if your present house is still an excellent suitable for the next chapter in your life.

Thankfully, you might be in a better position to make a relocation than you recognize. Here are a couple of things to consider as you choose whether or not to offer and make a relocation.

How Long You’ve Been in Your Home

From 1985 to 2008, the typical length of time house owners typically remained in their homes was only six years. However according to the National Association of Realtors (NAR), that number is increasing today, indicating many property owners are residing in their homes even longer (see chart below):

When you reside in a home for a significant period of time, it’s natural for you to experience a number of changes in your life while you’re in that house. As those life modifications and milestones take place, your requirements may change. And if your present home no longer satisfies them, you may have much better alternatives waiting for you.

Just How Much Equity You’ve Gained

Additionally, if you’ve remained in your house for more than a couple of years, you’ve most likely built-up substantial equity that can fuel your next move. That’s because the longer you’ve been in your house, the most likely it’s grown in worth due to home cost gratitude. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see chart listed below):

While home price growth varies by state and local area, the nationwide average shows the common house owner who’s remained in their home for five years saw it increase in worth by almost 60%. And the average house owner who’s owned their home since 1991 saw it more than triple in value over that time.

Consider Your Retirement Goals

Whether you \’re wanting to downsize, transfer to a dream destination, or just be closer to loved ones, your home equity can be a crucial to realizing your homeownership goals. NAR shares that for recent home sellers, the main factor to move was to be closer to liked ones.

Whatever your home goals are, a relied on real estate agent can deal with you to find the best option. They’ll help you offer your present home and guide you through purchasing the home that’s right for your way of life today.

Bottom Line

Retirement can bring about significant modifications in your life, including what you require from your home. Let’s connect to check out the offered homes in our location.