As we age, what we look for in a home can change. A big yard for the kids to play in may not be as easy to care for as it once was, and the grandchildren could play in a smaller yard on their visits, anyway. Big homes may also be more desirable for a growing family than they are for a retired couple.
While you may have the desire to downsize, the real estate market may not be cooperating with your schedule. Many baby boomers are reaching retirement and are finding it difficult to sell their home. In some parts of the country there is a lack of buyers, while in other parts of the country sellers may be reluctant to accept the market price for their home.
Waiting to sell in either case could lead to a better sales price in several years. While waiting to sell, it could make sense to remodel your home.
Waiting out the real estate bottom by remodeling your home
Remodeling could include upgrades to the interior of your home with higher-end appliances, or more luxurious finishes throughout your house. It could also include adding features that make the home more senior-friendly, which could include little things like new light switches or door handles that are easier to use.
Senior-friendly features might also include ramps which eliminate the need for steps, or reinforced walls with grab bars in strategic locations to make getting up a little bit easier. You could also decide to add more living space so that a loved one could move in and help take care of you.
Depending on what you decide to do, remodeling projects can become expensive quickly. While replacing a few light switches could be an easy and low cost project, it could cost several hundred dollars in an average sized house or more if you have someone else do the work.
Almost any other idea could amount to a significant amount of money. Paying for a large project could be challenging, but whether the cost is large or small, a reverse mortgage could help you fit the cost into your budget.
That is because a reverse mortgage has no real impact on your budget. A reverse mortgage does not require a monthly payment since the proceeds of the loan along with all of the fees and interest on the proceeds are paid when you leave your home. With a reverse mortgage you can get the money you need to make your home more accessible, functional and comfortable today without any financial strain.