Market plan

How is the market? Are you planning to retire someday? Choose real estate – The Ukiah Daily Journal

Choosing the right home for your retirement years depends on several factors. Many people opt for a smaller house, either because their economic situation requires it or because they do not want to deal with the maintenance and upkeep of a larger house. Others move to be closer to the amenities they now have time to enjoy, since their working days are over. Still others choose a new home (or renovate the one they have) so that they can fully indulge in hobbies or activities they enjoy. Perhaps the most common reason for choosing a new retirement home is proximity to children and grandchildren.

And you? What to do in retirement? To answer this question, the first step is to get a clear picture of what you can afford. Review your assets and income. If you can maintain a comfortable life in your current home, there is no need to move.

If, on the other hand, you need to cut spending, you can either downsize in your current neighborhood or move to a cheaper location and keep the square footage that allows you to accommodate regular visits from family and friends. friends or maybe create a space to explore hobbies like woodturning or oil painting. If you are not interested in maintaining a large house but would like to have enough property to have a large garden, you can also do this by moving to a cheaper location.

The size of your home may not matter as much as how close it is to amenities like a golf course, hiking and biking trails, a university with free lectures, or a bustling downtown area. shops and cafes. With the recent passage of Proposition 19, California homeowners over the age of 55 can shift their property tax base when purchasing a new primary residence, so moving won’t mean ending up with a huge property tax bill. . And if you’re thinking about buying a new home, now is the time. Interest rates are incredibly low. Your real estate agent can help you determine what you can afford and where you can find the amenities you are looking for.

If you decide not to move but to renovate your home, let me give you a little advice. Whether you plan to do the job yourself or hire a contractor, I would add about 30 percent to any cost estimate that seems realistic and reasonable. Mission creep is almost inevitable in home improvement. For example, let’s say you plan to do more cooking in retirement and want to improve your cooking. Rest assured that it will be difficult to resist minor upgrades. If you’re already spending thousands of dollars on new cabinets, why not spend a few hundred more on self-closing drawer slides? He is a rare person who can resist the opportunity to do a little more when you are already investing so much.

If you’re worried about having enough income during retirement, you might want to consider a reverse mortgage. If you are at least 62 years old and you own your home completely, you can borrow against it and never have to repay the loan. This is called a reverse mortgage and it allows you to convert a portion of the equity in your home into cash. Unlike traditional mortgages, the loan does not have to be repaid until you leave the house or die.

For my retirement, I plan to stay where I am, living in the house where I raised my children. I love the familiarity of my house, the view and especially the idea that my children will be able to bring their possible spouses and my possible grandchildren into the house where they grew up. I anticipate hearing the laughter of little voices and the crackle of little feet running down the hall, probably punctuated by the occasional screaming that occurs when things don’t go as planned for someone. I can’t wait to spoil my grandchildren in this wonderful home.

If you have any questions about property management or real estate, please contact me at or call (707) 462-4000. If you have an idea for a future column, please share it with me and if I use it I’ll send you a $ 25 gift certificate to Schat’s Bakery. To view previous articles, visit and click on “How’s the Market”.

Dick Selzer is a real estate broker who has worked in the field for over 45 years.

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