You first need to determine where you’re at and what your current and future needs are, says Desjardins financial planner Angela Iermieri: “People who are close to retirement, especially empty-nesters, often realize they’d be better off to optimize their living space.”[caption id="attachment_17484" align="aligncenter" width="601"] iStock[/caption]
Do more with less
As a general rule, smaller costs less. Less taxes, less maintenance, less overhead. And let’s not forget the potential gains from the sale.
“Keeping your home provides great economic leverage, as your home continues to appreciate in value. However, some people have always considered this asset as capital that would serve them well in retirement, and others sometimes reach retirement with a level of debt that’s higher than their forecasts. Selling a home becomes a necessary source of income.”[……]