Your Equity Can Help You Reach Your Retirement Goals

Whether you've just retired or are considering it, you may be thinking about your choices and attempting to envision a new chapter of your life. And while it's not always easy, many people feel the same way. 

According to the Retirement Industry Trust Association (RITA), 10,000 Baby Boomers reach the typical retirement age (65) every day, and just 47 percent of people in that generation have retired.

If this sounds like you, consider whether your present home would be a good fit for your changing needs. The good news is that, if your house doesn't have the characteristics or advantages you desire, you may be in a better position to relocate than you realize.

This is because, if you already own a home, you may have built up significant equity, which can help you finance your next move. According to the National Association of Realtors (NAR):

“A homeowner who purchased a typical home five years ago would have gained $125,300 from just price appreciation alone.”

In fact, over the previous year, CoreLogic reports that the typical American homeowner gained roughly $64,000 in equity due to home price appreciation.

Your equity may be used to help you achieve your homeownership goals. Your equity can assist you in any of these objectives, from downsizing to moving closer to family members or purchasing a property in an ideal location. It might be all (if not most) of what you'd require as a down payment on a house that better suits your changing demands.

To find out how much equity to have in your home, reach out to a trusted real estate professional today.  

Bottom Line

Buying or selling a home is a significant step, as is retirement. As you enter this new era of your life, get in touch with The Perreault Group to have an expert assist you through the procedure while you sell your current house and provide expert advice as you buy one that better meets your requirements.