You are retired. You and your wife have had a good life, raised a large family and now are ready to travel a bit and live a different life. Over the years your home was the scene of many a holiday gathering, lots of kids, lots of noise and lots of fun. Now the kids are grown, married and have children of their own. They also have in-laws. That means each and every one of your kids has to split their holidays between you folks the other family.

This came to a head for you last Christmas when no one showed up at the dinner table! And no one stayed over and filled all of those empty rooms in your big house.

So, why are you living in a home that does not fit your needs?

This scenario is one of the good reasons to sell your home and move into something smaller, more efficient, easier to maintain and easier to clean.

Downsizing Your Home And Your Mortgage

The odds are that by the times the kids are gone and you have grandchildren you will have either paid off your mortgage or have reduced it significantly. And your large home for a large family will be worth a lot more than the efficient digs you are moving into. Ideally now is the time to sell the old home, pay cash for the new one and use the profits to enjoy life in retirement. If you still need to pay a mortgage on the new home make sure that your payments on a fifteen-year mortgage are no more than 25% of your retirement income.

Other Reasons That Your Home No Longer Fits Your Needs

Retirement may not be the reason to move out of your current home. An unexpected disability may make life difficult in your current home. And it may not be possible to make additions such as entry and exit ramps for a wheelchair to your current dwelling. Furthermore, if your home is in the country and far from services that you now need it may be time to move to a home that better fits your needs. As with downsizing it is important to look at what you can afford in mortgage payments and plan accordingly.

Ask Your Real Estate Agent

An experienced real estate agent will probably have helped other clients with similar problems. Ask for their advice. There are government programs that may help and your realtor can often direct you to the right services. Then, when you start looking for a new home your real estate agent will be able to show you homes the fit your needs far better than where you currently live.

Just Divorced?

This is another reason to ask why you are living in a home that does not fit your needs. In the case of a divorce talk to your divorce lawyer before calling the realtor to make sure how selling the house you got in the divorce settlement will affect the terms of the divorce.

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