There are so many decisions you need to make about retirement that at times it can almost feel like more work than having a fulltime job. That being said, one decision that should be easy enough to make is whether or not to own your own home. Having a home in retirement can make your life a lot easier and less expensive, and here are a few of the most important reasons that you should own your own home in retirement if you can.
You can never be certain what is going to happen to rent costs in your area, but the one thing you can count on is that they are likely to continue increasing. If you own your own home, you don’t have to worry about rent being raised since your mortgage will remain the same, go down, or end depending on where you are in the process. Dealing with increasing rent can be a huge pain, so it helps to make sure that you are prepared by owning your own home and avoiding rent all together.
When you own your own home, you have access to equity that can help you to pay for a variety of things. Whether you want to use your equity to make your home better, fund something important or support you financially, your equity can help you to make your life more enjoyable and less stressful. A reverse mortgage can be a great tool in retirement for providing income. However you use your equity, it can be a huge advantage to you in retirement.
Whether you are looking to travel a lot or stay in one place during retirement, having a home can help you to feel more stable. It gives you a familiar place to spend your time and return to after a great trip away. It can also be a gathering place for your family, especially as you get to see them more in your retirement years. If you want extra stability in retirement, owning your home can help make that dream a reality.
Having a home in retirement is a luxury that you should invest in if you can afford it. If you already own your home outright, it is an even better idea to keep owning. With homeownership you gain a large amount of flexibility that is difficult to come by if you are renting a house.
Check out this article on how to change up your home after moving in!