As our country's baby boomers reach retirement age, the question of what on earth to do with that big empty house becomes more of a pressing issue. It's imperative that you choose wisely so here are some alternatives to make your transition as easy as possible.
1) Downsize! Living in a home with excess space causes many empty nesters to feel lonely and even depressed. Downsizing has many benefits including lower utility bills, easier maintenance, and lower price which will provide a nice cushion for your retirement. La Jolla, Del Mar, and UTC have several 55+ communities, smaller homes, and condos throughout each community with close proximity to doctors, shopping, and restaurants.
2) Investment Property- After downsizing, you may have enough capital to invest in an additional home closer to the city or university that you can use as investment property. Rentals offer great tax benefits and the steady flow of income is another great addition to your retirement portfolio.
3) Reverse mortgage- Although these popular, I believe they are a bad idea and you would be much better off without it. Reverse mortgages can have higher upfront fee's, they can impact need based assistance from the government should you ever need it, may be due with payment in full if certain terms aren't met, and will provide less equity to be left to your heirs and it can provide you with less equity to liquidate in the future.
For a free home valuation and to discuss these options further, please call Kristin Benedetti BRE#01946447 of Berkshire Hathaway HomeServices of California anytime at (858)900-5578 or at lajollaluxuryhomes@outlook.com. I am here to assist you with all of your real estate needs!
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