Retirement Planning

Pros and Cons of Staying vs. Selling For Retired Homeowners

1/11/2023

For many American homeowners, the pinnacle of homeownership is paying off their mortgage and living in their houses free and clear.

However, for modern retirees, the question of whether to stay in their paid-off homes or sell them is very real. There are a number of pros and cons to consider before making a final decision, and it is important to remember that what is right for one family might not be right for another.

Due to this, it is crucial to weigh all of the perks and drawbacks in relation to your lifestyle before you decide whether you should stay in your home for your golden years or move to a new residence.

Here, we take a look at some of the issues you should consider.

Con: The Size of the House

Credit: Tom Werner/Getty Images

Many retirees still live in the homes where they raised their children but no longer need so much square footage as empty nesters.

If keeping up with cleaning and organizing your house has become a burden, selling it might be the best way to enjoy your retirement. Sometimes, caring for a large home can actually be detrimental to enjoying your golden years.

If you spend all of your time maintaining your house, you might miss out on other pursuits, such as caring for your grandchildren, enjoying outdoor activities, or taking up a new hobby!

Pro: Sentimental Value

Credit: MoMo Productions/Getty Images

Depending on your family’s situation, the sentimental value of your home may play a key role in ultimately deciding to hang onto the property. If, for instance, you live in a residence that has been in your family for generations, putting it on the market may simply not be on the table.

If you still want to downsize during your retirement, there are several things you can do to free yourself from daily home maintenance without selling.

You may, for example, want to use your house as an AirBnB or VRBO vacation rental if you live in a desirable area. Or, you could see if another family member – perhaps one of your own children – would want to move into the ancestral home.

Con: Expenses You Can’t Eliminate

Credit: Halfpoint Images/Getty Images

While your home may no longer be mortgaged, there are certain residential expenses you can’t eliminate. These include things like property taxes and Homeowner’s Association (HOA) fees. Additionally, the more house you have, the more space there is for things to go wrong.

Furthermore, if you’ve fallen into the trap of thinking you need a large home for holiday parties or other get-togethers, make sure you consider how many days a year those gatherings will actually happen.

That said, if you can afford a larger home in your retirement years and you like where you currently live, expenses aren’t always a reason to sell.

Pro: Avoid a Massive Tax Bill

Credit: Nora Sahinun/Getty Images

In some cases, when retired homeowners decide to sell, they find themselves facing a massive tax bill. If you’ve lived in your house for many years and property values have risen, the odds are good that you’ll find yourself dealing with potentially costly capital gains taxes.

By choosing to stay in your house as a retiree, you will avoid paying taxes on the sale of your home.

Do you plan to age in place in your current home when you reach retirement?

Feature Credit: MoMo Productions/Getty Images

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Gordon W. McNamee

Gordon W. McNamee is a Certified Public Accountant (CPA) based in Rancho Cucamonga, CA. Gordon W. McNamee can assist you with your tax return preparation, payroll, accounting and tax planning needs. <br /> <br /> 2021 is Gordon W. McNamee, CPAs 38th year in the profession. As as a former IRS agent (1984 through 1987), Gordon has been in public accounting since 1987. Gordon specializes in individual, corporate, HOA, trust, estate and payroll taxes. He also prepares financial statements and provides accounting & bookkeeping services. He enjoys making his clients feel at ease while providing a personalized professional service.

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