sell or stay?
I need some advice. I have a house which is paid for. The problem is it is old and constantly needs repairs. I am getting to the point where I can no longer afford to do them. The bathroom needs a lot of work, the kitchen cabinets need replacing. The plumbing is not good etc. I am approaching retirement & need to put more money away. Should I sell & rent an apartment? Rent in my area is ok though going up. I feel overwhelmed by the amount of repairs that I have to do.
If you are staying, you want to consider reaching out to your city and county for grant money for repairs. It may be available.
I would also make contact with the Aged Disabled Resource Center (ADRC). The name is misleading. They help anyone, any age with or without disabilities. Look for the one that covers the city in which you reside.
If you are at least 60, you may reach out to your local Area Agency on Aging (AAA) to see if they have grant money for minor repairs.
All of the above is provided through state, local, and federal grant money. New budgets are coming, so that means new money. Now is an ideal time to start asking about new programs and placing your name on their lists.
I could keep going in more detail and depth and about other programs, but that would mean website information. That is not allowed. UGH. 😞.
Good Luck. 💝💓💖
Wow, kitty, you are doing great in the watch-your-spending department! Good for you!
I would gather information from reputable, recommended people to get an objective assessment of your home’s condition — maybe go ahead and pay for a home inspection — so you’ll know about any critical repairs that can’t wait and those that can. You can also interview more than one realtor who will look at your home and tell you its market value and what price she or he would try to sell it for.
There really isn’t a wrong move. You will make a decision based on the solid information you will have gathered. The good thing is you can always change your mind: If you sell your house and then miss it a lot, you can rent and take your time finding another house and buying it with your house sale proceeds.
It is also critical to know how much money will be incoming when you retire and how much you will need for expenses. (There are online calculators that can help you.)
Thank you’ll very much. It is a very tough decision. I’m just hoping whatever I do, I don’t make the wrong one. I never thought about going through the house with a handyman/woman. I’ll have to ask for around for a recommendation.
I’m so serious about retirement, I haven’t bought anything I don’t need since June & even before that I think I bought only one skirt this year.
Kitty68, congratulations on having a paid-off house! There are factors you will need to analyze, such as what your cash flow is now, and what it will be after you retire; how high are your property taxes and homeowners insurance; can you find a newer, better-built house that you can buy in cash after selling yours, and can you sell yours without doing the necessary repairs first (at which point you won’t want to move out!).
Do you like the area where you live? Do you plan to stay in that area? (If so, I would think about staying or buying another house in cash after selling yours.) Or do you plan to move to another city or state in a couple of years? (If so, I would sell and rent and then buy something in the new area.)
Moving is expensive (real estate commission, cost to move, furnishings you might need that fit the new place, etc.). All houses cost money to maintain, whether old or new. They all need repairs.
I would go through the house with a recommended and trusted “handyman/handywoman” and together make a list of what repairs are needed, putting the critical ones at the top and the cosmetic ones lower on the list. I would budget a certain amount of money every month toward those fixes. Decide what you are going to do first, and check them off, one by one. They do not have to be done at the same time. You can stretch it out over years — whatever you can afford.
I would also go through my closets and drawers and have a “garage sale” or sell on eBay things that you do not really need, that are just taking up space. Look for every opportunity to save money, including groceries, online shopping (!), etc.
It’s good that you will be taking care of this before you retire.
If you are really not economical and you do not see your finances changing in the future I would sell, but if you could find a way to make keeping the house work, such as renting a room ect, than you make reconsider. Its a tough decision.
Posted in Talk Among Yourselves
09.18.17 1:10 PM