Should I sell my house and rent in retirement?
If you own your home outright and are heading towards your retirement years, there might come a time when you think about selling your house and choosing to rent instead. So are you asking yourself, “Should I sell my house and rent in retirement?”. After weighing up the pros and cons, here’s why you might go down the route of an easy house sale.
If children have flown the nest, downsizing and looking at smaller homes might be a better option to suit your changing needs. By selling your home and renting, this allows you to remain flexible and keep your options open so that you can decide if downsizing is the right, long-term arrangement for you.
Realise retirement plans
If a part of your retirement planning involves travelling more or taking up new hobbies, releasing home equity funds through selling your property can give you the much-needed personal finance to enable this to happen. Indeed, by renting cheaper property, you can keep the costs down and boost your retirement funds for living out your dreams.
Plan for old age
You’ll want to make the most of your retirement years, but, the reality is, a decline in health could strike at any age. By selling your home while you’re in good shape, and choosing to rent instead, you can put money aside for paying for any health care needs as they arise. Indeed, after you’ve lived in your home on a rental basis, you can easily switch to other types of accommodation as you age, to suit your health needs and circumstances.
Boost your income
Selling your home to rent allows you to invest your retirement income in other, profitable ways as you see fit. You might wish to use the income to invest in other real estate or stocks and shares, for instance. Alternatively, you might use the money to help grandkids get on the property ladder themselves, or fund their university fees.
If you’ve got retirement plans that you want to put into action fairly swiftly, finding the right estate agent and being influenced by market conditions could impact how long the process takes. The good news is, that at UK PCB, we can get your retirement dream plans up and running quickly, thanks to being able to buy any property, no matter what its condition. Simply contact us for a free, no-obligation quote.