Real Estate by Nick Abbadessa
Nick Abbadessa

Is Retirement a Good Time to Sell Your House

La Verne Golf CourseIf you’ve been thinking of selling your family home once you’re retired, now is the time to act and take advantage of the great opportunities in our current real estate market. As you probably have seen on my blog and social media channels, home values in our communities (i.e. La Verne, Upland, Claremont, Glendora, San Dimas, and surrounding areas) have been on the rise. In fact, to find out how much your home is currently worth, you can simply enter your address here and get your value instantly. Additionally, as you may have noticed with my number of Newly Listed and Just Sold properties, the housing market is quite active, thus creating more and more options for home sellers and buyers. However, the question is…although the market is right, is it the right time for YOU to sell your home? To answer this, you should ask yourself the following:

1) What do I want to do once I retire?

Think about it, if you want to relax and simplify your life…then as you may have already read in my previous blog, downsizing is the way to go. Not only may selling your home increase your cash flow, but by downsizing you’re potentially decluttering, simplifying, and worrying less about “maintaining home;” and instead gaining more ease and savings to enjoy. Similarly, if you’re hoping to travel more, then downsizing is probably your better bet as you’ll have more freed up cash to apply towards travel expenses, and again, you’ll have less home to worry about maintaining while you’re away. Likewise, if you’d like to move from the city and perhaps move closer to your grandkids or even the place of your dreams (i.e. on a golf course), again, this is the time to do it.

2) Am I tired of being a homeowner?

Owning a large single family residence definitely has its comfort and luxuries, but it also requires work and added responsibilities. As you know, you are responsible for the repairs, routine maintenance of the front and back yard, and the general upkeep of the property. Downsizing into a condo with an association that maintains such elements, or even renting from a community which can help you with such responsibilities, might be your best choice if you’re tired of the labor.

3) Will you be more financially comfortable owning your current home or downsizing?

The Business Insider once presented a lovely example to consider. Assume you own and paid off your home which is worth $500,000. Also, assume that with a paid off home, you don’t have a mortgage, but nonetheless, you still have monthly taxes, insurance, repair, and maintenance, totaling $1,200. If you’re receiving $3,000 a month in social security, then you’re left with $1,800 a month. On the other hand, let’s assume you sell your home and now have a $500,000 investment generating you $1,666.67 a month in investment income. Similarly, you don’t have a mortgage and you don’t have to worry about the monthly taxes, insurance, repair, and maintenance. Instead, you have a $2000 a month rent. Although your rent is more than your homeownership expenses, by selling your home and generating investment income, you now have an additional $1,666.67 to add to your already $3,000 social security income (totaling $4,667 a month in income). Accordingly, in the latter scenario, even after paying your $2,000 in rent, your net income of $2,667 is still more than the first scenario.

I’m definitely not saying homeownership is a bad idea when you retire, but what I am saying/asking, is what I ask all my clients…is homeownership the right thing for you in this current chapter of your life. Is downsizing perhaps a better choice depending on what you’re retirement goals are? As my client, I’m not looking to just help you sell or buy a home for the immediate result. I’m looking into what’s best for you and your future.

Are you interested in downsizing? Tired of taking the stairs? Overwhelmed of cleaning a big home? Want to travel more? Want to save more money and reduce debts? Have an empty nest? If you’re ready to simplify and relax by downsizing, enter your email below and the cities you’re interested in. I have put together an updated list of the best homes to downsize to and would be happy to send it to you.

La Verne Townhomes

Also…Find your current home value instantly below…

La Verne Townhome

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About Nick Abbadessa

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Nick Abbadessa

Realtor, BA, Cert. Luxury Home Specialist

626-269-2751626-269-2751 main

RE/MAX Masters Realty

1030 Bonita Ave. La Verne, CA 91750 | BRE#01398872 |Office BRE#01064901



Nick's overall ability to identify what his client is looking for in his/her home is second to none. He is very knowledgeable in all aspects of the home buying/selling process. If you’re looking for a real estate agent that is honest, knowledgeable, and... (more)


Nick is a plethora of knowledge when it comes to real estate. He is a very good communicator and always keep you in the loop. He is also very proactive and on top of things. He knows how to accommodate your needs and doesn't waste your time showing you... (more)


Nick patiently worked with us two months until we found just the right home to buy. When it came time to make an offer it was then that his deftness and wisdom made themselves apparent. Real estate transactions involve lots of detail, lots of money, and... (more)

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