Save Money or Sell the House?

Retirement age means that you want to have money to use for now and in the future, so if you do have enough equity in your home to get a reasonable amount of money out of it, why not? If you don’t, you can continue to save money, and live as debt free as possible. Otherwise, if you have more house than you really need you can sell it and take that money and put it in the bank. The popular school of thought used to be that when you had extra cash to go invest it in stocks, bonds or an IRA, but with a volatile stock market that probably isn’t wise. I can’t predict it or steer you one way or the other, but I will tell you that you have to keep up with because it changes daily.


Knowing whether or not to sell can also be tough, only because values everywhere are being affected. Some states were hit harder than others, and I can see where many who are older in age would be reluctant to sell if they aren’t sure how much they can get out of it. Using retirement income like pensions and social security is hard on those who are of age too, because they aren’t getting as much as they used to make, and with costly prescriptions to pay for many seniors feel overwhelmed in this economy.

Other Ways to Make Your Home Work for You

There may be other options to making your home work for you if you don’t wish to sell, and that could be through making the home more energy efficient. More energy efficient homes can help save you hundreds if not thousands on your energy bills, which can really help during this time of economic crisis. Improvements to the home don’t hurt, so long as you are keeping the cost within your budget. Those who could buy you home in the future may really be looking for what you have, but you don’t want your improvements to cost you more in the long run. So, as always be wise and consider your budget first before you make any hasty decisions.

Mayer Dallal