Supporting the Senior Population
If you’re a senior and thinking about retirement, you may be wondering what to do with your real estate property. Though it’s tough to consider selling your home after living in it for years, there are many benefits of doing so. Selling now will allow you to move into an environment that better suits the needs of seniors – like a retirement community or assisted living facility. The equity release service is something you should know about, and here is more detailed info.
Rather than spending the rest of your days worrying about long-term care costs, you can feel confident that they’re being handled by an organization with a professional staff and many years handling similar situations. In addition to these benefits, selling will likely allow you to downsize significantly – some seniors sell their homes for as little as $15,000! This means more savings in your pocket or even funds available to enjoy travel before it’s too late.
There are also tax advantages when downsizing from one home into another: though first time buyers who have owned no real estate within three years may not be subject to capital gains taxes on up to $250k (or couples filing jointly up tp $500k), property sold prior is eligible for up to $500k in capital gains exemptions. This means you can sell your home tax-free!
The best time to decide what to do with real estate property is today – don’t wait until it’s too late, or you might face significant challenges during the process of selling and moving. If possible, contact a local realtor who specializes in senior relocation before making any decisions about your future or your property.