The Perks of buying a Home Again at 60
February 6, 2023 | Anthony Cosenza
Some folks entering retirement age weigh the pros and cons of buying another home when selling one. Here are some of the best reasons why reinvesting in another home is a good idea for your golden years.
With the real estate market yielding a lot of uncertainty to the general public, many people are asking themselves what their best move is for them in the future. Stay put and ride out the mortgage rates? Cash out and lease a new home? Here are the perks to buying a home again at 60.
As it turns out, purchasing another home after selling, even with seemingly ambiguous market conditions, can be the most sage strategy. If you’re an “empty-nester” and looking to downsize, there is an opportunity to both “cash out” with a large amount of equity and still have one of the best investments one can make.
These perks were noted in a recent Yahoo! Finance article, there are many perks in reinvesting in a home. While home prices are high, they have both steadied from the past couple of years, while also maintaining high (and still rising) values.
Of course, we have shared some of the secrets to a successful home purchase in this market and can help you navigate a sale of your home and subsequent purchase. But, in case you needed reaffirmation on why it’s a good idea, even now.
Tax breaks are always a good thing, as we will all be finding out in a couple of months. Purchasing property gives one that flexibility.
Financial security is another big perk that comes with continued home ownership. With the tumultuous nature of the stock market and other investment options, home ownership remains one of the safest and most lucrative investment opportunities.
And, as folks shore up long-term financial plans, reinvesting in a home is a big exclamation point on one’s legacy. It’s not pleasant thinking about “the end”, so to speak, but knowing there is some financial windfall for heirs and others should bring peace of mind.
So, if you’re getting toward retirement age and are thinking about cashing out equity in your home and leasing, there are things to think about. But, one should definitely weigh the perks of buying a home again at 60.