Empty-Nest Home-Ownership Not a Moving Experience
Dr. David J. Demko, Editor-in-Chief
AgeVenture News Service www.demko.com 12-16-04
Contrary to popular opinion, 80 percent of retirees do not move. They stay at home, or near home (withing 7 miles) in order to continue established relationships. Church or temple, family and friendship ties, and familiar surroundings remain important. If you're torn between the decision to relocate or stay put, help is on the way.
Thinking of relocating? If you're a homeowner looking for a change, you will be subjected to some pretty intense sales pitches. Commission-minded real estate agents are all too happy to put your home on the market and find you a nice expensive new one. Where's a confused and conflicted homeowner to turn?
"Too many people make the decision to move when they would actually be better served by remodeling," explains Fritschen who owns an online website that helps to determine what's financially best for home-owners.
More than 6 million families spend $60 billion to sell their homes each year. Other homeowners spend $170 billion to remodel instead of move. Either way, most families will spend tens of thousands of dollars.
It can cost up to 15 percent of your home's value ($30,000 for a typical $200,000 home) for expenses associated with getting your home ready for sale, real estate sales commission, closing costs, moving expenses, and the cost of decorating your new home, says Fritschen.
It's easy to overspend on remodeling, for two reasons. First, since many homeowners remodel only once or twice in their lives, they aren't educated about remodeling. They don't shop around for the best prices on remodeling. Second, they get caught up in the excitement of relocating and spend money on upgrades they don't really need. So take the time to become educated and shop around, says Fritschen.
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