#2 You will lose money when you sell your house
Yes, it doesn’t seem so. After all, you’re selling a property so you can finalize your move. And generally, all the adjustments you made to your house and the time you invested in it will translate into a higher market value for your house.
However, according to experts, you will end up having to pay as much as 5% of the purchase price in closing costs. This can end up being a lot, depending on the value of your property.
If moving seemed like the best thing for you and you were counting on getting the full check from selling your property, you may have to adjust both the way you see things and also your plans.
You will not end up with the whole amount, and if you don’t have some other money saved aside for these fees and other unforeseen things you may have to pay for, it’s going to be a pretty penny to sell your house. And if you’re not prepared to deal with all of these or you didn’t know about it beforehand, it seems like not moving might be better for you.
I moved 6 yrs ago when I was 64. Having now only one income, living in our family home and town was too much. But moving to a slightly impoverished area has been really hard. Food stores and healthcare is the worst I’ve ever seen. Moving expenses were terrible and doing everything without help was insane. Settled in now and planning to die here before going through that again.
I would like to stay where I am despite the colder weather in upstate NY. The summers are good.Did the article mention the cost of movers unless one sells all their furniture? It is expensive. My 5 adult children plus 3 young grandkids are scattered- Fla.Mi,Ca,Az. My husband would like to divide the yr by going to Az. and certainly save a lot state taxes. We are in Az visiting now. I would still prefer not to spend half a year and prefer to be home and visit our family. I have been looking at smaller houses and so far nothing meets my fancy. For me it would be a struggle. What the take;What not to take; what to you sell; what To donate. My husband says we should rent a place and put everything in storage that we can until we find a house we want. It means moving twice. It means putting stuff away elsewhere and then not being able to find what I Need when I need it. I just don’t feel I’ve got the energy to do all that.It would take a lot of energy to move especially moving Twice.
This is crazy. Move if you want to. It’s about the next chapter. Not constantly reliving the same life. Some of us moved originally to be promoted at “Corporate”. We have had to travel to be with family. Not now. This is not universal and should never have been published. Really? You’re going to tell us that we have to pay commissions on the sale of our house? Unreal.
Great article! I am staying put because I live in a duplex and get rental income. If I need to raise the rent I can in order to meet increased costs of living. I have a yard for my two small dogs to enjoy and 2 chickens for eggs. What more can an 83 year old want or need?
Losing money when selling my house? I do not expect to make any money off the sale of my house. I will sell my house for what I owe on the mortgage. My house will be sold as-is, where-is with all faults and defects. No warranties of any kind. Buyer will be responsible for any and all taxes, fees, escrow, etc. Basically I sell the house, sign the papers turn over the keys and walk away with zero money out of my pocket.