Seller tips for 50 plus

Deciding to sell your real estate when you are 50 plus, whether it’s your primary residence, a cottage, an investment property, or your parent’s cherished family home, should be approached strategically. When, why, what, and how the sale occurs can dramatically impact your retirement nest egg. When you sell or buy real estate beyond the age of 50, you’re playing in your retirement red zone . I explain what that is in my ‘ Buyer tips for 50 plus ’. In brief, beyond 50 years, you are close to your retirement goal line, and a less than well-thought-out play could set you back. It’s when a strategy is paramount.

Let’s explore some of the strategic questions you might ask yourself before selling your primary residence. 

1. What is motivating you to consider selling, and do you genuinely want to sell? Have you had a conversation with a specialist who can guide you through options you may not have considered? Talk to an Accredited Senior Agent (ASA) and explore the advantages of working with one here .
2. Where are you moving to? Depending on how long you have lived in your current residence, it is likely that you have built up a social circle in this community, not to mention personal care professionals like a hairstylist, dentist, doctor, etc. You may have a spot in mind and be excited about moving, but before you put the for sale sign up, take time to make sure the attraction of this new location outweighs any other effects moving might have.
3. Can you afford to stay? This is both a monetary and a liveability question. Our income changes over our lives, and in many cases, we enjoy our highest earnings pre-retirement. What percentage of your retirement income will be housing-related costs?
4. If you are contemplating selling to augment your retirement funds, will the net proceeds of selling be what you expect? An excellent place to start is to understand the amount of equity you have in your home. Will the proceeds from a sale cover the total costs of selling, moving, any down payment required for a new residence, at the same time as eliminating any mortgage-related debt, including lines of credit?
5. Which professionals should you consult with to ensure you are making the most informed decision? For example, perhaps you are contemplating a move into a retirement community. In this case, you or your children must decide what to do with your principal residence. There may be tax and estate related implications to your choices. An ASA can recommend professionals familiar to and outside of the traditional real estate discipline to address the evolving needs of the 50 plus market, which will make your journey smoother.

Working with a realtor who understands the end zone, and asks good questions, will help you make more strategic decisions that add value to your long-term outlook and save you and your loved ones' headaches.