ComparisonAdviser Examines the Decision to Sell a Home in Retirement

For many, a home is their most significant asset. Should retirees sell it to bolster their funds? ComparisonAdviser explores this question in its latest study.

REDMOND, WA / ACCESSWIRE / June 10, 2024 / As individuals move into retirement, the choice of whether to sell or keep their long-owned home becomes crucial. ComparisonAdviser's recent study delves into the factors influencing this decision, highlighting reasons for and against selling, and the importance of seeking financial advice. The full article can be accessed here.

The study underscores that a home is often a substantial part of a household's net worth, with data from both internal surveys and external sources like the U.S. Department of Health and Human Services and the Census Bureau illustrating the significance of home equity. Practical reasons for selling include downsizing, relocating, or accessing a lump sum of cash for various plans such as traveling or estate planning.

Conversely, the study also presents reasons to retain home equity, such as avoiding high rent prices, potential rental income, and protection against inflation. The difficulty of selling and moving, especially for less mobile retirees, is also noted.

The study concludes by emphasizing the need for consulting with a financial advisor specializing in retirement or estate planning to make an informed decision.