A house in cities like Park City Utah is probably everyone’s biggest purchase and also their biggest investment. However, having a big house is not really good thing once you reach your golden years. You have a lot maintain, not to mention making sure that everything’s always clean. That’s why it’s a great idea to downsize your house or even get a much smaller house if it’s possible. Here are some of the most common mistakes that retirees often do when it comes to their real estate property.
Mistake #1: Doing Too many Renovations
Some people would always think that constantly renovating their house can increase its value. However, they often forget that a house’s market value would often depend on the housing market itself. So investing too much in your house instead of actually saving money for your retirement may be a bad idea. It would be best to save money as early as now instead of focusing too much on renovating your house.
According to reports, several retirees in all states like Utah invested too much in their real estate property instead of putting their money in a savings account. This made them lose their money on for paying real estate taxes, repairs and maintenance, and even utilities. What made it worse is that most of the houses that they thought were in style during their time now looks worn out and depreciated in value.
If you’re really thinking of renovating your house, make sure that you make these renovations as simple as possible. Styles constantly change. So the most popular house design now may be out of style after 30 to 40 years. Stick to pastel colors to make sure that it’ll always be in the season no matter how many years have passed.
Not Decisive Enough to Downsize the House Sooner
You have a lot of things to worry about when you have a large home. You have to worry about the costs for repair and maintenance, utilities like electric bills and water bills. Since real estate taxes are based on the size of your property, having a large house would mean that you have to pay a much larger real estate taxes than others. So not deciding to downsize it sooner would mean that you’ll continue to pay for a large house which you don’t really need anymore. When you’re in your golden years, it would be a challenge to move around, even just taking several flights of stairs can be a challenge. It may look nice to have a large house, but it’s not really practical. So try to look around for houses that would fit your lifestyle. If you don’t want to sell it, then try to downsize it. You’ll still be living in the same property, without the large bills to worry about.<< Back to the list.
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