Selling Your Denver Home To Fund Your Retirement
As your kids begin new life chapters, either away at school or embarking on new careers, you may be thinking about a new chapter yourself. Whether you plan on working another 20 years or traveling around in your RV, now is the perfect time to consider the benefits of downsizing. Not only are there financial benefits, but there are plenty of emotional ones too. Read on if you need convincing, as well as for tips on boosting your home’s resale value before making your big move.
Of all the perks of downsizing, cutting costs is at the top of the list. Consider some of these financial benefits:
- Cheaper utilities
- Lower property taxes
- Fewer maintenance costs
- Reduced homeowner’s insurance
- Possibly a lower monthly mortgage cost
All of these financial savings mean more freedom for you — freedom to save more for your retirement, freedom to travel and freedom to indulge in some of the interests you haven’t had time to pursue.
As you lighten your financial load and free yourself from maintenance obligations, you’ll be able to pursue your heart’s desire and feel less stressed. The possibilities are exciting. Would you like the convenience of being able to walk to shops, restaurants and other community hubs? Does moving closer to your children or to a warmer place appeal more to you?
While the golden years are still a ways off, it is smart to keep them in mind. As Fred Brock, author of Retire on Less Than You Think says, “Saving on housing can fund retirement.” Plus, moving is easier when you’re younger. It also makes sense to do any major home improvements while you’re still working and bringing in a good income.
One of the best things you can do now is to boost your home’s resale value before putting it on the market. Not all home improvements will lead you to getting top dollar for your home, so you’ll want to consult with a trusted realtor in your area as well as follow these tips:
- Consult with a home inspector. He or she might find hidden problems that can greatly impact the value of your home. You’ve got to take care of any repairs before even thinking about remodeling.
- Clear out your clutter and clean! You’ll be so glad you did this moving forward.
- According to the National Association of Realtors 2017 Remodeling Impact Survey, the interior projects that appeal most to potential buyers are kitchen renovations, kitchen upgrades, bathroom renovations and new wood flooring. The projects that yield the largest financial return are hardwood floor refinishing (100% ROI), new wood flooring (91% ROI), and insulation upgrades (76% ROI). As far as exterior projects, new roofing recovers 109% ROI. New roofing was also the exterior project that appeals most to buyers.
- From neatly trimmed hedges to an attractive front door, make sure you’ve got great curb appeal. Update your outside light fixtures and house number, if necessary.
- While bathrooms yield the smallest financial return upon resale, you’ll still want to make sure they’re appealing. To freshen and update generic “builder” cabinets (those unpainted-oak cabinets installed in just about every home in the ‘80s), interior designer Holly Mathis suggests painting them with a couple coats of dark gray paint like Benjamin Moore’s Revere Pewter or Chelsea Gray. If tiles look dingy, try your hand at regrouting. Consider updating the light fixtures, towel racks, faucets and drawer hardware. New flooring can transform your bathroom as well.
- When it comes to kitchens, refreshing them with some updates can have the same ROI as a full-blown kitchen renovation. Peruse Pinterest or visit Lowes or Home Depot for ideas.
- Never underestimate the value of a coat of fresh paint. Choose colors that will appeal to as many tastes as possible and all your rooms will look fresh and updated.
As author C. S. Lewis said, “There are far, far better things ahead than any we leave behind.” May this downsizing adventure lead you to only better things. From selling your home to finding what will bring you joy in your future, congratulations as you begin this new chapter of your life.
Guest Post by Seth Murphy, http://papaDIY.com