Many people are looking for ways to supplement their retirement income.
There are several ways that you can add funds to your retirement account, but many of those require part time work or at least working from home.
You can, however, supplement your retirement income by using the real estate that you already own.
If you plan accordingly, you will not have to struggle to make a mortgage payment once you retire, and actually, you could be able to let your home help you make other monthly payments.
Selling your home and moving to something smaller is one easy way to supplement your retirement income.
Whether you have a home that is paid in full, or you have a small mortgage left, you should be able to work the numbers and at least save some money per month that can be used during retirement.
If you are still living the same house that your kids grew up in with four bedrooms and three bathrooms, it is likely that you do not need a house of that size anymore.
And if you have been there for thirty-plus years, there is a good chance that your home is paid for.
If this is the case, you can sell your home and move to a smaller, say two bedroom cottage on the outskirts of town and not only have the extra money from the sale of your home, but also the difference every month in the utility costs from moving to a smaller place.
There are many options when considering using real estate to your advantage in retirement years.
You must be realistic when considering selling your home.
With the housing market up and down in recent months, you want to try to get into the market on an upswing.
It is likely that if you have lived in your current home for a solid amount of time and have kept up maintenance or made any improvements on your home that you will receive a much better price when selling your home than you actually paid for it some time ago.
In the past 15-20 years, the number of retirees that have a mortgage has nearly tripled.
Most people used to work hard to have their home paid off before they retired, but with all of the amenities that people desire these days, it is a hard fight to win.
Having to pay a mortgage during retirement will deplete the retirement savings faster than any other monthly payment could.
Selling your home and purchasing something smaller will either lessen your monthly mortgage, or get rid of the mortgage all together when you pay for the new home with the proceeds from the sale of your family home.
Selling an extra home such as a vacation home and using those proceeds could also greatly increase your retirement savings.
If you do this before your retirement, not only will you be able to include the proceeds from the sale into your retirement account, but monthly, you can add the amount of the vacation home's mortgage, utilities, taxes, and upkeep into your retirement account, not missing the money from your every day life because you were used to sending that money elsewhere anyway.
In short, there are many ways that you can use real estate to supplement retirement income, but you have to be willing to make some changes.
Keep in mind, no matter what you decide to do, make sure that you do plenty of research before making a final decision about your real estate or retirement.
There are several ways that you can add funds to your retirement account, but many of those require part time work or at least working from home.
You can, however, supplement your retirement income by using the real estate that you already own.
If you plan accordingly, you will not have to struggle to make a mortgage payment once you retire, and actually, you could be able to let your home help you make other monthly payments.
Selling your home and moving to something smaller is one easy way to supplement your retirement income.
Whether you have a home that is paid in full, or you have a small mortgage left, you should be able to work the numbers and at least save some money per month that can be used during retirement.
If you are still living the same house that your kids grew up in with four bedrooms and three bathrooms, it is likely that you do not need a house of that size anymore.
And if you have been there for thirty-plus years, there is a good chance that your home is paid for.
If this is the case, you can sell your home and move to a smaller, say two bedroom cottage on the outskirts of town and not only have the extra money from the sale of your home, but also the difference every month in the utility costs from moving to a smaller place.
There are many options when considering using real estate to your advantage in retirement years.
You must be realistic when considering selling your home.
With the housing market up and down in recent months, you want to try to get into the market on an upswing.
It is likely that if you have lived in your current home for a solid amount of time and have kept up maintenance or made any improvements on your home that you will receive a much better price when selling your home than you actually paid for it some time ago.
In the past 15-20 years, the number of retirees that have a mortgage has nearly tripled.
Most people used to work hard to have their home paid off before they retired, but with all of the amenities that people desire these days, it is a hard fight to win.
Having to pay a mortgage during retirement will deplete the retirement savings faster than any other monthly payment could.
Selling your home and purchasing something smaller will either lessen your monthly mortgage, or get rid of the mortgage all together when you pay for the new home with the proceeds from the sale of your family home.
Selling an extra home such as a vacation home and using those proceeds could also greatly increase your retirement savings.
If you do this before your retirement, not only will you be able to include the proceeds from the sale into your retirement account, but monthly, you can add the amount of the vacation home's mortgage, utilities, taxes, and upkeep into your retirement account, not missing the money from your every day life because you were used to sending that money elsewhere anyway.
In short, there are many ways that you can use real estate to supplement retirement income, but you have to be willing to make some changes.
Keep in mind, no matter what you decide to do, make sure that you do plenty of research before making a final decision about your real estate or retirement.
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