Should older seniors sell up and rent instead?
If you’ve owned your home for most of your adult life the concept of selling your property and renting may be somewhat hard to grasp but could it be the best option? Ted Rechtshaffen is president and wealth Advisor at TriDelta Financial and he believes that for some older seniors it may make sense. He says that as prices can drop sharply and take many years to recover; that fees for downsizing will likely run to many thousands of dollars; and that if a move is required for health reasons it can take time to sell and free up the cash that’s needed. While much of this argument may not be relevant in today’s market, we know it could change, and Rechtshaffen suggests that you should be looking to live in a property you buy for at least six years.