Maine Real Estate News - Maine and Cumberland County Homes for Sale
Quality information and local news from an experienced Maine real estate professional. Local real estate news, information and listings for Maine authored by new local author and edited by RISMedia.Downsizing - Is There a Benefit In Todays Market?
For millions of people approaching retirement, a big part of their fortune is tied up in something they might never want to sell: their homes. Even with the recent drop in dwelling prices, the real worth of a single family house in the US has more than doubled in 10 years.
Those who bought mid-priced houses in the mid-1990 s, now find themselves living in houses worth a small fortune. Unlike stocks and bonds, a home can’t be sold quickly for a profit. There are financial ramifications to selling a piece of real estate and moving. And even if you can find a buyer, many long time real estate owners simply don’t want to sell. A few tips from financial advisers may help.
For most individuals, a piece of real estate becomes an integral part of their identity, of who they are. Their status in the area is linked to their dwelling, which also holds memories of raising children and the sweat and hard work that went into improving it. All this can make it challenging to sell, even if it’s financially smart.
Some individuals will pay almost any price to stay in their homes for as long as possible. If you know you have to sell, try first going out and finding a new house where you’d love to live. That may make it easier to load up the moving trucks. While lamenting the piece of real estate you’re losing, you can also get excited about the one you’ll be gaining.
If you’re planning to retire soon, you’ve most certainly already played with the numbers: How much will you have to live on? How much will you need? The value of the Maine real estate you own is apt to come into the equation eventually.
If your piece of real estate is worth a lot, and you don’t mind moving to a cheaper home , you can unlock a lot of extra retirement money by downsizing. The cash raised can provide money to live on early in retirement, while you leave other accounts — like individual retirement accounts — untouched. That gives your savings more time to grow untouched. It also gives you more flexibility in dodging tax bills.
Talk to an accountant or planner to make sure your calculation of the benefits of downsizing is correct.
Visit http://www.MaineRealEstateForSale.org for more market trend information. To find out what your home is worth, visit http://www.MLSsearchPlus.com you will be emailed the results in less than 30 min.
The sources for information contained in this article came for mutiple publications, including Buisnessweek, Quickies.
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